Help with 3-54 Part 1

Logan B. Taylor is a widower whose wife, Saran, died on June 6, 2013. He lives 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. For 2015, he reported the following receipts. In 2015, Logan inherited securities worth $60,000 from his deceased uncle, Daniel. Logan also was the designated beneficiary of an insurance policy on Daniel's life with a maturity value of $200,000. The lot in St. Louis was purchased on may 2, 2010, for $85,000 and held as an investment. As the neighborhood has deteriorated, Logan decided to cut his losses and sold the lot on January 5, 2015, for $80,000. The estate sale consisted largely of items belonging to Sara and Daniel (e, g, camper, boat furniture, and fishing and hunting equipment). Logan estimates that the property sold originally cost at least twice the $9,000 he received and has declined or stayed the same in value since Sara and Daniel died Logan's other 2015 expenditures include the following Logan and his dependents were covered by his employer's health insurance policy for all of 2015. However, he is subject to a deductible, and dental care is not included. The $10, 500 dental charge him was for Helen's implants. Helen is Logan's widowed mother, who lives with him (see below). Logan normally pledges $2, 400 ($200 per month) each year to his church. On December 5, 2015, upon the advice of his pastor, he prepaid his pledge for 2016 Logan's household, all of whom he supports, includes the following. Helen, Logan's mother, receives a modest Social Security benefit. Asher, a son, is a full-time student in dental school and earns $4, 500 as a part-time dental assistant Mia, a daughter, does not work and is engaged to be married. Using the appropriate forms and schedules, compute Logan's 2015 Federal income tax. Federal income tax of $5, 500 was from wages. If Logan has any overpayment on his income tax, he wants the refund sent to him. Assume that the proper amounts of Social Security and taxes withheld. Logan does not want to contribute to the President Election Campaign Fund. Suggested software H&R BLOCK Tax Software. Logan B. Taylor is a widower whose wife, Saran, died on June 6, 2013. He lives 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. For 2015, he reported the following receipts. In 2015, Logan inherited securities worth $60,000 from his deceased uncle, Daniel. Logan also was the designated beneficiary of an insurance policy on Daniel's life with a maturity value of $200,000. The lot in St. Louis was purchased on may 2, 2010, for $85,000 and held as an investment. As the neighborhood has deteriorated, Logan decided to cut his losses and sold the lot on January 5, 2015, for $80,000. The estate sale consisted largely of items belonging to Sara and Daniel (e, g, camper, boat furniture, and fishing and hunting equipment). Logan estimates that the property sold originally cost at least twice the $9,000 he received and has declined or stayed the same in value since Sara and Daniel died Logan's other 2015 expenditures include the following Logan and his dependents were covered by his employer's health insurance policy for all of 2015. However, he is subject to a deductible, and dental care is not included. The $10, 500 dental charge him was for Helen's implants. Helen is Logan's widowed mother, who lives with him (see below). Logan normally pledges $2, 400 ($200 per month) each year to his church. On December 5, 2015, upon the advice of his pastor, he prepaid his pledge for 2016 Logan's household, all of whom he supports, includes the following. Helen, Logan's mother, receives a modest Social Security benefit. Asher, a son, is a full-time student in dental school and earns $4, 500 as a part-time dental assistant Mia, a daughter, does not work and is engaged to be married. Using the appropriate forms and schedules, compute Logan's 2015 Federal income tax. Federal income tax of $5, 500 was from wages. If Logan has any overpayment on his income tax, he wants the refund sent to him. Assume that the proper amounts of Social Security and taxes withheld. Logan does not want to contribute to the President Election Campaign Fund. Suggested software H&R BLOCK Tax Software