Im tring to do taxes and not feeling good this week either and my cousin who has cf also is is bad shape in hospital anyway im worried bout the tax paper I got from doin clinical trials I made $1100 from trials this year $8000 from part time job and then my social security disabilit money I always stay under the amout ur aloud to make just womdering if this extra from the trials will effect my social security disability and effect my tax return thank u
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clinical trials and social security disability
- Thread starter cam
- Start date
Any cheap tax or free software should be able to handle your taxes. Here is one from the IRS (it is free if you make less than $60k). http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free.
Supposing the $1100 from the trials came on Form 1099MISC, then you will have tax ramifications. For 1099 money you are responsible for paying both sides (employer and employee) of payroll taxes, plus any icome tax you owe. Payroll taxes for a 1099 will be 15.3%. You income taxes ramifications would be minimal as it doesn't appear you are in a very high tax bracket.
Supposing the $1100 from the trials came on Form 1099MISC, then you will have tax ramifications. For 1099 money you are responsible for paying both sides (employer and employee) of payroll taxes, plus any icome tax you owe. Payroll taxes for a 1099 will be 15.3%. You income taxes ramifications would be minimal as it doesn't appear you are in a very high tax bracket.
Cam, check this closely first. I do not believe the first $2000 in income from clinical trials for orphan drugs is generally included in your income for purposes of determining your eligibility for SSI. Take a look at this link, and do check with the Social Security Administration - you can call them and ask without giving out your personal identifying information - this is a link to a page in their manuals - http://policy.ssa.gov/poms.nsf/lnx/0500830735.
I also thought I saw something about pending legislation on taxing this as income, so I would definitely check with the IRS. Or have someone check with an accountant. Again you can call the IRS without giving them your identity. I would just make sure you let anyone you consult about this know if the income was received from a clinical trial related to any "orphan diseases" or "orphan drug." I believe that status is what makes the difference in how the income is treated.
I also thought I saw something about pending legislation on taxing this as income, so I would definitely check with the IRS. Or have someone check with an accountant. Again you can call the IRS without giving them your identity. I would just make sure you let anyone you consult about this know if the income was received from a clinical trial related to any "orphan diseases" or "orphan drug." I believe that status is what makes the difference in how the income is treated.
Aboveallislove
Super Moderator
Yes there is something pending on this...just got something fom cff foundation on lobbying re it. A couple more thoughts...call the cff legal hotline as they kne the tax LAW. Or check your local colleges as they often have free tax assistance overseen by a real expert faculty member...(my brother did for years) and they'll give free help and advise.
Yes AboveAll....Nice Job! Thanks for the reference.....here it is http://www.cff.org/mobile/aboutCFFoundation/NewsEvents/1-8-Clinical-Trial-Access.cfm?menu=0&
I believe this still only addresses income exclusion for health care benefits and disability though - not exclusion from income.
I believe this still only addresses income exclusion for health care benefits and disability though - not exclusion from income.
G
GoryLori
Guest
I also do CF clinical trials and I have been told ANY amount GREATER than $600, IS taxable income.
The trial people will never dodge around this to be sneaky...no way....but I HAVE to claim it as taxable income on my taxes.
I live in VA, and it IS income.
The trial people will never dodge around this to be sneaky...no way....but I HAVE to claim it as taxable income on my taxes.
I live in VA, and it IS income.
Yes, Uncle Sam is going to take their cut. The amount of tax will depend on your total income. All income is reportable and potentially taxable - but you wont get a 1099 unless the income is $600 or more. Taxing income from clinical trials is something I believe should be eliminated. Wouldn't that help people volunteer for clinical trials? But fortunately, although taxable, income from clinical trials on orphan drugs is not included when they calculate your income to determine your eligibility for SSI or Medicare. That's under the Ensuring Access to Clinical Trials Act that expires later this year and is up for passage as a permanent provision.