My wife and I both participated in a Phase 3 covid vaccine trail. She got the real vaccine in 2020 and I got salt water in 2020 and the real vaccine in January 2021. This put us on different anti-body testing schedules. I had reimbursements of $810. My wife’e reimbursements totaled $530. We invested when I got a 1099Misc and she did not. The Test Site said 1099s were not sent out unless the reimbursement was over $600.
So is my wife’e payment taxable? Will the IRS be notified of the income either of us received?
I find it interesting that banks have a $10 interest number for 1099s and Emory University (or maybe Moderna) has a $600 break point.
I believe that the IRS requires reporting of over $600 of payments to a contractor (that isn’t a corporation) by a business.
And the IRS requires reporting of anything over $10 of interest payments.
If you are itemizing, wouldn’t the antibody tests be included in medical deductions?
No - the university/hospital/drug company paid HIM for doing the antibody tests.
If you are itemizing, wouldn’t the antibody tests be included in medical deductions? No - the university/hospital/drug company paid HIM for doing the antibody tests.
Not necessarily. The income is separately reported and taxable.
If you are itemizing, wouldn’t the antibody tests be included in medical deductions?
First off I am not itemizing. Secondly I was a paid volunteer - I had a 50% chance of getting the Moderna Vaccine months before the general public and before even healthcare workers or nursing home residents. They had a set of rules, procedures and conditions that was 16 8.5 by 13 single spaced pages long.
Not complaining at all — I am 80 and when the data said more than 80% of people getting covid over age 75 face an unpleasant slow death in an ICU - I was very pleased to have a 50/50 chance at a then unknown level of protection.
“If you are itemizing, wouldn’t the antibody tests be included in medical deductions?”
“No - the university/hospital/drug company paid HIM for doing the antibody tests.”
Not necessarily. The income is separately reported and taxable.
How would the payment he’s getting for doing antibody tests be included in medical deductions?
It’s income, not an expense that could go in the deductions.
At least I’m assuming that the amount on the 1099 was all compensation, not reimbursement for tests paid out of pocket. The studies I’ve known they pay the testing company directly, not via the participant.
If some of it was reimbursement for tests paid out of pocket, I think that does not count as income, and also does not show up on schedule A for the medical deductions, as it would be a reimbursed medical expense.
If some of it was reimbursement for tests paid out of pocket, I think that does not count as income, and also does not show up on schedule A for the medical deductions, as it would be a reimbursed medical expense.
1099 was issued which means it is taxable income.
Not paying directly for required testing does seem unusual.
I received an iWatch to participate in a study and hadn’t considered that it could be taxable income.