Hi, I live in Florida and the deadline to file here was extended to May 1st. I only made $16,500 last year and it was all from participating in a clinical research trial.
I have a question. I have read conflicting info on whether or not clinical research trial participant income is exempt from self-employment taxes . One thing I read said that if it is listed as “other” on the 1099 then it is exempt. Something else I read said if participation becomes a regular thing then the government will see it as self-employment. Well, prior to 2024 I had been participating in trials on a more regular basis, but last year I only participated in one trial. So I should be exempt from self-emplyment tax since it was not a regular thing last year, right? I only did one last year.
I’m looking for someone who understands I’m on a small budget. Thank you.
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