All of my income last year is from Notary Services and I have a positive income on Schedule C after all "ordinary and necessary" expenses (including auto, home office, supplies, insurance, medical, etc.) but my Notarial Act fees (approximately 63% of my income) amount to more than my adjusted income....and my understanding is the "Notary Exempt $xx,xxx" verbiage and math goes on the Schedule SE, line 3 which will make that a negative number...anything less than $400 owes no SE Tax which will transfer a $0 to my 1040 line 57, so I think I understand now....hopefully.
Thank you so much for all of your help Todd! I have talked to may 'experts,' had 2 accountants who said they knew about the Notarial Act Exemption and made numerous frustrating calls to the IRS in past years and all I've received is shoulder shrugs, "whaaat's???" and incorrect filings. I'm downloading TT and will do it myself. They can only tell me its wrong and maybe then I can get someone who knows what they are doing to help me!
