Please fill out Form 1040, Schedule A, Schedule D, and Form 8949 with the information given below
ACCT 468 -Tax Return #1 Fall 2017 Logan B. Taylor is a wixdower whose wile, Sara, died on June 6, 2014. He lives at 4680 Dogwood Lane, Springfield, NO 65801. He is employed as a parakegal by a local law firm. For 2016, he reponed the folkwing receipts 80,000 Interess income 5 300 1,100 3,000 Money market account at Omei Banik Savings account at Bosne State Bank 4,400 60,000 City of Springfield general purpose bonds Inheritance from Daniel Life insurance proceeds Amount iom sale of St. Louis lot Proceeds from estate sale Federal income tax sefund for 2015 ux overpayment) 80,000 9000 700 In 2016, 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, 2011, for $85,000 and held as an investment. As the neighborhbood has deter iorated, Logan decided to cut his losses and sold the lot on January 5, 2016, for 580,000. 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 reccived and has declined or stayed the same in value since Sara and Daniel died. Logan's other 2016 expendisures include the following Medical expenses indluding $10,500 for dental services) $11,s00 Stace of Missouri income tax includes withholdings) 3,200 4.500 Property taxes on personall residence Interest on home mortgage Contribution to church (paid pledges for 2015 and 2016) 7,700 4,000 4,800 Logan and his dependents were covered by his employers health insurance pol- icy for all of 2016. However, Ie is subjeca to a deductible, and dental care is not included. The $10,500 dental charge was for Helen's implants. Helen is Logan's wid oned mother, who lives with him (see below)Logan normally pledges $2.400 ($200 per month) each year to his church. On December 5. 2016, upon the advice of his pastor, he prepaid his pledge for 2017 Logan's household, all of whom be suppons, includes the following Logan Taylor (age 48) Helen Taylor lage 70 Asher Taylor (age 23) Mia Taylor ge 22, Social Security Number 123-45-6787 123-45-6780 22 S-6783 Birth Date 08/30/1968 01/13/1946 07/18/1991 02/16/1994 Helen, Logan's mother, receives a modest Social Security benefa. Asher, a son, is a full-time sudent in dental school and earns $4,500 as a pan-time dental assistan. Mia, a daugher, does not work and is engaged to be maried. Part 1-Tax Computation Using the appropriate forms and schedules, compute Logan's 2016 Federal income tax. Federal income tax of $5,500 was withheld from his wages. It Logan has any overpayment on his income tax, he wants the refund sent to hin. Assume that the 2 proper amounus of Social Security and Medicare taxes were withheld. Logan does not want to contribute to the Presidential Election Campoign Fund
