Tax Return #$2$ Lawrence Logan

Use the following information to complete Lawrence Logan's $2022$ federal income tax return. If information is missing, use reasonable assumptions to fil in the gaps.

You will need the following forms and schedules in addition to form $1040$ to complete the assignment: Schedule $1($other income and deductions$),$ Schedule $2($other taxes such as SE Tax$),$ Schedule C$($for business income and deductions$),$ Schedule SE $($net self$-$employment income$),$ Schedule $8812$ and Form $8995($qualified business income deduction$).$ You need to determine fi Schedule Ais needed $($are the total itemized deductions higher than the standard deduction for this filing status taxpayer?$).$ The forms, schedules, and instructions are available in the Blackboard course under instructor resources or at the IRS Web site $($www$.$irs.gov$).$ The

instructions for the forms are very helpful and can be downloaded from the IRS website. Also, use Form Finder in the TR Checkpoint library for additional line by line instructions.

Lawrence Logan was married, however, his wife Lettie passed away in $2019.$ They have two children $($twins$),$ Laura and Liam. Lawrence worked as the General Manager at Lucky Luigi's ni Las Cruces, NM earning a salary of $$102,800.$ He also did some accounting$/$bookkeeping work on the side for the company Bookkeeping Easy, LLC$.$ Lawrence won $$5,760$ in gambling pools

at work for college basketball. Lastly, he received $$15,000$ from his wife's life insurance policy that paid out in $2022.$

$$ DO NOT prepare any state income tax returns

$$ The Logans' live at $4452$ Ocotilo Drive, Santa Teresa, MN $88008$

$$ Lawrence's birthday is $9/17/1982$ and his Social Security number si $557-61-2436$

$$ Laura's birthday is $10/21/2009$ and his Social Security number is $552-98-3981$

$$ Liam's birthday is $10/21/2009$ and her Social Security number si $552-97-1187$

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The Logan's do not have any foreign bank accounts or trusts, nor did they have any transactions with virtual currency

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Lawrence did file forms $1099($contract labor$)$ for his bookkeeping services as required and he uses the cash method of accounting for his business

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The Logans want you ot determine the best filing status for their family

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The Logan's had health insurance coverage al year provided by Lucky Luigi's

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A$$2,000$ credit is available for dependents claimed on the tax return under $17$ years old $($line $19,$ Form $1040).$ You need to use Schedule $8812$

: Detrmnie tie quarta furtes xa one deduction avalable ofr Lawrences' bookkeeping business $($Form $8995$ line $5)$ and line $13$ Form $1040$ si the same number.