60.1K

Verified Solution

Link Copied!

I need help from Line 16, 18,19, 21, 22, 24 and 37

orm 1040

Department of the TreasuryInternal Revenue Service U.S. Individual Income Tax Return

2022

OMB No. 1545-0074

Logan B. Taylor is a widower whose spouse, Sara, died on June 6, 2020. He lives at 4680 Dogwood Lane, Springfield, MO 65801. He is employed as a paralegal by a local law firm. During 2022, 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 2021 tax overpayment)				700

Logan inherited securities worth $60,000 from his uncle, Daniel, who died in 2022. 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, 2017, 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, 2022, 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 2022 include the following:

Medical expenses (including $10,500 for dental)				$13,500
Taxes
State of Missouri income tax (includes withholdings during 2022)		$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 2022 and 2023)				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, 2022, upon the advice of his pastor, he prepaid his pledge for 2023.

Logan's household, all of whom he supports, includes the following:

	Social Security Number	Birth Date
Logan Taylor (age 48)	123-45-6787	08/30/1974
Helen Taylor (age 70)	123-45-6780	01/13/1952
Asher Taylor (age 23)	123-45-6783	07/18/1999
Mia Taylor (age 22)	123-45-6784	02/16/2000

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 $4,200 was withheld from his wages.I

Tax (see instructions). Check if any from Form(s): 1 8814 2 4972 3 . .	16	fill in the blank d78155047ff2f8d_23
17	Amount from Schedule 2, line 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .	17
	18	Add lines 16 and 17 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	19	Child tax credit or credit for other dependents from Schedule 8812 . . . . . . . . . . . . . . . .
	20	Amount from Schedule 3, line 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	21	Add lines 19 and 20 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
	22	Subtract line 21 from line 18. If zero or less, enter -0- . . . . . . . . . . . . . . . . . . . . . . . . .
	23	Other taxes, including self-employment tax, from Schedule 2, line 21 . . . . . . . . . . . . . .
	24	Add lines 22 and 23. This is your total tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Answer & Explanation Solved by verified expert

See Answer