Emotion annotation is inherently subjective, yet most NLP pipelines still assume "gold" labels, typically produced by majority voting, and treat annotator variation as noise. In this paper, we present a multilabel emotion annotation case study and use it to examine how annotator behavior and aggregation choices affect both agreement estimates and downstream emotion classifiers. Rather than collapsing disagreement into a single label, we represent targets as soft vote-share labels (including an intensity-weighted variant) and evaluate models using both thresholded metrics (macro-/micro-F1) and probabilistic alignment (Bernoulli cross-entropy SoftBCE), alongside data-derived disagreement diagnostics. Across annotation regimes, we show that disagreement is structured and leaves measurable traces in model behavior: hard labels may maximize F1 metrics, while soft supervision yields predictions that better reflect empirical annotator variance and uncertainty. Our results provide practical guidance for designing, aggregating, and evaluating multilabel emotion datasets when multiple interpretations are plausible.

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