If I'm an ovarian egg donor that is compensated 6500.00 for my donation, what taxes will I need to pay to the:

Question

a. federal government
b. state government (California),
please?
Thank you; your time and assistance is most appreciated! Ciao!

Answer 1

For the IRS, you will receive a 1099 indicating you were paid $6,500. Likely, no withholding will be taken...so save some of this for tax time.

The exact amount that you'll be taxed depends on your other income (i.e., what bracket you'll fall into).

A good rule of thumb is that if no withholding is taken from your check, set aside 28 percent. That's what the government does when they make one-time taxable payments to their employees. It's "overwithholding" in most cases, but protects you at end of year.

California's taxation of your income will be based on your federal taxable income. Again, this will depend on your other income.

Answer 2

The sperm donation would not contain taking hormones, sequence of injections, sequence of ultrasounds and pills, and would not contain "a surgical operation lasting 20–half-hour, performed below sedation." specifically that's what happens: "delivery administration pills are administered for the period of the 1st few weeks of the egg donation[14] technique to synchronize the donor's cycle with the recipient's, observed via a chain of injections which halt the traditional functioning of the donor's ovaries. those injections could be self-administered on a each and daily foundation for a era of one to 3 weeks. next, follicle-stimulating hormones (FSH) are given to the donor to stimulate egg production and will enhance the form of mature eggs produced via the ovaries. for the period of the cycle the donor is monitored usually via a wellness care provider employing blood assessments and ultrasound assessments to make certain the donor's reaction to the hormones and the form of follicle enhance.[13] "as quickly as the wellness care provider comes to a decision the follicles are mature, he/she would be able to set up the date and time for the egg retrieval technique. approximately 36 hours till now retrieval, the donor could administer one final injection of HCG hormone to confirm that her eggs are waiting to be harvested. The egg retrieval itself is a minimally invasive surgical operation lasting 20–half-hour, performed below sedation. A small ultrasound-guided needle is inserted for the period of the vagina to aspirate the follicles in the two ovaries, which extracts the eggs. After resting in a restoration room for an hour or 2, the donor is released. maximum donors resume accepted activities via the next day."

Answer 3

That's taxed as ordinary income. The total tax will depend upon your marginal tax rate. No way to know without a lot of additional details.

Answer 4

You can ask whomever you're donating the egg to pay your tax as well. Maybe?