Logan B. Taylor is a widower whose wife, Sara, died on June 6, 2017. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2019, he had the following receipts:
Salary $ 80,000 Interest income Money market account at Omni Bank $300 Savings account at Boone State Bank 1,100 City of Springfield general purpose bonds 3,000 4,400 Inheritance from Daniel 60,000 Life insurance proceeds 200,000 Amount from sale of St. Louis lot 80,000 Proceeds from estate sale 9,000 Federal income tax refund (for 2018 tax overpayment) 700 Logan inherited securities worth $60,000 from his uncle, Daniel, who died in 2019. 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, 2014, for $85,000 and held as an investment. Because the neighborhood has deteriorated, Logan decided to cut his losses and sold the lot on January 5, 2019, 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 expenditures for 2019 include the following: Medical expenses (including $10,500 for dental) $11,500 Taxes State of Missouri income tax (includes withholdings during 2019) $4,200 Property taxes on personal residence 4,500 8,700 Interest on home mortgage (Boone State Bank) 5,600 Contribution to church (paid pledges for 2019 and 2020) 4,800 While Logan and his dependents are covered by his employer's health insurance policy, he is subject to a deductible, and dental care is not included. The $10,500 dental charge 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, 2019, upon the advice of his pastor, he prepaid his pledge for 2020. Logan's household, all of whom he supports, includes the following: Social Security Number Birth Date Logan Taylor (age 48) 123-45-6787 08/30/1971 Helen Taylor (age 70) 123-45-6780 01/13/1949 Asher Taylor (age 23) 123-45-6783 07/18/1996 Mia Taylor (age 22) 123-45-6784 02/16/1997 Helen 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. Federal income tax of $4,500 was withheld from his wages.
9 | Standard deduction or itemized deductions (from Schedule A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 9 | | | | 10 | Qualified business income deduction. Attach Form 8995 or Form 8995-A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 10 | | | | | 11a | Add lines 9 and 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 11a | | | b | Taxable income. Subtract line 11a from line 8b. If zero or less, enter -0-. . . . . . . . . . . | 11b | | BAA For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see separate instructions. | Form 1040 (2019) | |
Form 1040 (2019) | Logan B. Taylor | 123-45-6787 | Page 2 | | 12a | Tax (see inst.) Check if any from Form(s): 1 8814 2 4972 3 . . . . . . . . . . . . . . . . . . . | 12a | | | | b | Add Schedule 2, line 3, and line 12a and enter the total . . . . . . . . . . . . . . . . . . . . . . | 12b | | 13a | Child tax credit or credit for other dependents . . . . . . . . . . . . | 13a | | | | b | Add Schedule 3, line 7, and line 13a and enter the total . . . . . . . . . . . . . . . . . . . . . . | 13b | | 14 | Subtract line 13b from line 12b. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . | 14 | | 15 | Other taxes, including self-employment tax, from Schedule 2, line 10 . . . . . . . . . . . . . . | 15 | | 16 | Add lines 14 and 15. This is your total tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 16 | | 17 | Federal income tax withheld from Forms W-2 and 1099 . . . . . . . . . . . . . . . . . . . . . . . . | 17 | | - If you have a qualifying child, attach Sch. EIC.
- If you have nontaxable combat pay, see instructions.
| 18 | Other payments and refundable credits: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | | | a | Earned income credit (EIC) . . . . . . . . . . . . . . . . . . . . . . . . . | 18a | | | | b | Additional child tax credit. Attach Schedule 8812 . . . . . . . . . . | 18b | | | | c | American opportunity credit from Form 8863, line 8 . . . . . . . . | 18c | | | | d | Schedule 3, line 14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18d | | | | | e | Add lines 18a through 18d. These are your total other payments and refundable credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 18e | | | 19 | Add lines 17 and 18e. These are your total payments . . . . . . . . . . . . . . . . . . . . . . | 19 | | Refund | 20 | If line 19 is more than line 16, subtract line 16 from line 19. This is the amount you overpaid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 20 | | 21a | Amount of line 20 you want refunded to you. If Form 8888 is attached, check here | 21a | | Direct deposit? | b | Routing number | | | | | | | | | | c Type: Checking Savings | | | | See instructions. | d | | | | | 22 | Amount of line 20 you want applied to your 2020 estimated tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 22 | | | | Amount You Owe | 23 | Amount you owe. Subtract line 19 from line 16. For details on how to pay, see instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . | 23 | | 24 | Estimated tax penalty (see instructions) . . . . . . . . . . . . . . | 24 | | |
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