Jim Bowman is a $64-$year$-$old widower. He had income for $2021$ as follows:

Pension from former employer $$39,850$

Interest income from Woodforest National Bank $5,500$

Interest income on City of Montegomery bonds $8,500$

Dividends received from IBM stock held for over one year $2,000$

Collections on annuity contract he purchased from Real Life Insurance $5,400$

Social Security benefits $14,000$

Rent income on townhouse $13,000$

The cost of the annuity was $$46,800,$ and Jim was expected to receive a total of $260$

monthly payments of $$450.$ Jim has received $22$ payments through $2021.$

Jim's $40-$year$-$old daughter, Lory Bowman, borrowed $$60,000$ from Jim on January

$2,2021.$ She used the money to start a new business. Jim does not charge her interest

because she cannot afford to pay it$,$ but he does expect to collect the principal eventually.

Lory is living with Jim until the business becomes profitable. Except for housing,

Lory provides her own support from her business and $$1,600$ in dividends on stocks

that she inherited from her mother. Other relevant information is presented below.

Expenses on rental townhouse:

Mortgage interest paid $$4,000$

Utilities $$2,800$

Maintenance $1,000$

Depreciation $2,000$

Real estate taxes $750$

Insurance $700$

State income taxes paid: $$3,500$

County personal property taxes paid: $$3,100$

Payments on estimated $2021$ Federal income tax: $$5,900$

Charitable contributions of cash to Fayetteville Baptist Church: $$7,400$

Federal interest rate: $6\%$

Sales taxes paid: $$1,425$

Compute Jim's $2021$ Federal income tax payable $($or refund due$).$