Posted by Debbie/NJ on 8/15/05 6:53am
Msg #59102

Turbo Tax

Does anyone use this for reporting signing agent income? Where would you put the amount of your income that is notary fees so that it's not counted when figuring the self-employment tax? Thanks for any help you can give me.

Reply by Nd_WA on 8/15/05 7:34am
Msg #59103

It's in the section where you choose your occupation/industry for your business.

Reply by PAW_Fl on 8/15/05 8:05am
Msg #59106

Yes, I use TT. During the process, when you complete the Schedule C, it offers a question that specially asks if any of the income was derived from being a Notary Public. If so, it will ask for the necessary information and generate a Schedule SE with the appropriate exclusion for the notary fees that you provide.

If you are using the forms method, you will need to generate the Schedule SE and enter the exclusion on line 3.

Reply by Charm_AL on 8/15/05 10:35am
Msg #59117

Re: thanks PAW

My hubby uses TT and it's good to know this information.

The Schedule SE for notary fees does not include your notarizations (signature) for 'signings' right?
Here we can only charge $1.50 for our signatures but I've only done two notarial acts, the rest were real estate signings. So being new to self-employment, I'm learning something new everyday.

Reply by PAW_Fl on 8/15/05 11:41am
Msg #59134

Re: thanks PAW

See message 59133

Reply by Debbie/NJ on 8/16/05 9:08am
Msg #59348

Does that mean I should put "Notary" as my occupation as opposed to "Signing Agent" or does it not matter what I put?

Thanks again for your help.

Reply by Ron/VA on 8/15/05 10:33am
Msg #59115

So does that accumulate on each signing. If I Notarize and stamp 5 times for the loan do I multiple my Allowable $4 times 5 for each act or is it just $4?

Reply by PAW_Fl on 8/15/05 11:38am
Msg #59133

Well, sort of. I have been advised that I can count the "authorized" fees up to, but not exceeding, the total income realized per event. That is, if you are allowed $10 per notarization, and there are 10 notarial acts, that would be an "authorized" fee of $100. But, if you only received $75 for the assignment, then only $75 would count as your notary fee. If you received $150 for the same assignment, you would only be able to exclude the "authorized" amount, $100. This fee is excluded when calculating SE taxes. ALL income received counts as gross income for income tax reporting.

So it is imperative to keep explicit details of each assignment. Mileage deduction is a cumulative amount. Notary Public fees are cumulative but limited by each assignment, as noted above.