Posted by Donna LaBelle on 1/16/06 7:23pm
Msg #88709

regarding turbo tax

OK now the IRS says that fees for notarial services are exempt from SE tax, but turbo tax does not have an occupation code for notaries, so how do I use turbo tax and not have to pay SE tax for the notarial services portion of my income?

Reply by Anonymous on 1/16/06 7:46pm
Msg #88710

I don't know the code but I do know that it asks if any of the income being from Notary fees. I don't remember the wording but it does it for you if I remember right.

Reply by Cyn_NY on 1/16/06 9:10pm
Msg #88715

The Premier version asks you whether any of the income was a result of notarizing, and it adjusts self-employment tax accordingly.

Reply by PAW_Fl on 1/16/06 9:15pm
Msg #88717

NAICS code is 541199

TT will ask you if any income was generated from Notary fees and exclude them on Sched SE.

Reply by Anonymous on 1/16/06 9:55pm
Msg #88721

Re: NAICS code is 541199

Echo Echo

Reply by Donna LaBelle on 1/17/06 12:48am
Msg #88733

Re: NAICS code is 541199

thank you, now for the next question- It did come up on turbo tax about the notary part but when I clicked on the tab it said to, it never even approached the subject again, nor did it adjust the amount of tax liability.

Reply by PAW_Fl on 1/17/06 9:16am
Msg #88751

Re: NAICS code is 541199

It doesn't use that figure as a tax deduction. When it calculates the SE tax liability, the amount of your notary income is excluded from the calculation. To ensure that it is working properly, after you have completed your return, note the tax liability. Then go back to the SE form and change the exclusion amount (by a considerable amount). Then your tax liability should change. You just don't see it when completing the form the first time since the "fee" is excluded before the tax liability is calculated.