Sams family health insurance costs 6000 a year his employer

Reference no: EM13567778

Sam small is 34 years old. His wife died last year. He lives with his son, sonny, in a two family house. His father, Sid Small, rent the other apartment at the going rate of $800 per month. Sid is a retired gourmet chef and he looks after Sonny while sam is at work and also cooks all the meals, which cost about 2000 a year for his share, which he eats with them. For this he is paid $300/week.

Sam earns $56000 a year. He and his wife bought the house jointly 3 years agoat the foreclosure auction for $100000. Sam paid $3000 in interest on the mortgage this year. His property taxes were $2500. Other expenses on the house this year were insurance $1000, utilities $2500, normal maintenance $800, new, energy efficient windows $2000, and painting the exterior $1500.

Sam's family health insurance costs $6000 a year. HIs employer pays 75% of this cost. His co payments came to $200 this year. He got newer glasses for $250. Prescriptions cost $300. Dental expenses came to $800.

He had $5000 withheld from his pay for federal income tax and $2000 for state income tax. He and his wife filed a joint return last year and itemized their deductions. This year he received a $200 refund on last year's state income tax.

This year, Sam gave his wife's clothes and jewelry to charity. The clothes had a fair-market value of $600. The jewelry had all been owned for more than a year. It had cost, in total, $6000, and due in part, to the great increase in the cost of gold, was appraised at $14000. He also gave Sonny's outgrown clothes and toys to charity, resale value is $300. He gave $1000 to his religious organization.

Money is tight, but sam has put $2000 into a regular IRA.
Prepare Sam's income-tax return.

Reference no: EM13567778

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