Hi all!
Hey, I plan on talking to our tax lady about this, but thought some of the folks here may have some good insight.. Today I received my 1099 Misc for a Vertex study I am currently in. This is the first time I've made enough from a study to receive one. Does anyone know if the "Ensuring Access to Clinical Trials Act of 2015" means I don't have to claim it/pay taxes on it? The info I've read on it is less than clear. Essentially it says that for those who are participating in research for rare diseases (which does include cf) the first $2000 cannot be counted against you for SSI and Medicaid purposes. So I'm assuming that means those folks would not include it as income on their federal income tax in order for it not to count? I don't receive either of those, so not necessarily worried about that aspect for my personal situation, just hoping that somehow means none of us with CF are taxed on it. I have a feeling that's too much to hope for though.
Anyway, if anyone has any info I'd appreciate it. Thanks in advance!
Autumn
Hey, I plan on talking to our tax lady about this, but thought some of the folks here may have some good insight.. Today I received my 1099 Misc for a Vertex study I am currently in. This is the first time I've made enough from a study to receive one. Does anyone know if the "Ensuring Access to Clinical Trials Act of 2015" means I don't have to claim it/pay taxes on it? The info I've read on it is less than clear. Essentially it says that for those who are participating in research for rare diseases (which does include cf) the first $2000 cannot be counted against you for SSI and Medicaid purposes. So I'm assuming that means those folks would not include it as income on their federal income tax in order for it not to count? I don't receive either of those, so not necessarily worried about that aspect for my personal situation, just hoping that somehow means none of us with CF are taxed on it. I have a feeling that's too much to hope for though.
Anyway, if anyone has any info I'd appreciate it. Thanks in advance!Autumn