Title says it all found an iphone 5 on the floor which is disabled don't know what to do with it .
I found the iphone owners name after i plugged the iphone inside my laptop and itunes had owners name but i have no one who knows him.
Soooo what should i do at this point?
If you know the name, you could try tracking him/her down (e.g. phone books or social media). Otherwise, I'd turn it in to the police also. And no, finding something doesn't make you a thief; stealing something would make you a thief, and it sounds like you know this. For it to be disabled suggests the owner may have already reported it missing. I'm not sure how their record keeping works, but you could try reporting it to a local Apple Store; they may be able to find the owner.
If possession is 9/10ths of the law and you are found in possession of an item you can be assumed to be the thief. Then you have to prove you aren't the thief, even though you are supposedly innocent until proven guilty.