Can I receive a tax break on income from health studies?

This answer was provided by William Colangeli, CPA, O'Malley & Colangeli CPAs PC, Bedford.

Q: Last year, I participated in various health/research studies. How are the monies that I collected reported, since they were not taxed, and can I receive some type of a tax break? --Kimberly, Medford

A: My understanding is that the monies you received are reported as 'Other income' on your tax return. This line on your tax return is the last line of the income section (where you report wages, etc.). I do not believe that this income would be subject to self employment tax, unless you happen to be in the business of hiring yourself out for medical studies regularly, which is unlikely. As for tax breaks, I don't know of any special tax breaks related to this type of income. But depending on the amount you received and the rest of your tax situation, you may be looking at very little, if any, taxes due on this money.