subsidy, worry no more. The folks at

**About**have broken down the process into these simple steps.

The premium assistance tax credit is lower of the following two amounts:

The premiums for the second lowest cost silver plan minus an individual's required contribution for health insurance. A person's required contribution is household incomemultiplied by an applicable percentage.

The premiums for a qualified health plan for the individual, the individual's spouse and any dependents enrolled through a health insurance exchange.The premium tax credit can be calculated using the following method:

Calculate household income.

Calculate household income as a percentage of the federal poverty line.

Calculate the applicable percentage.

Calculate the required contribution.

Find the second lowest cost silver plan on the health insurance exchange.

Subtract the required contribution from the second lowest cost silver plan.

Then compare that number to the premiums for the health plan in which the person or family actually enrolled.

Whichever number is lower is the amount of the premium assistance tax credit for the year.

But wait, there's more!

Information Needed to Estimate the Premium Assistance Tax Credit in Advance

Page 1 of Form 1040 (completed at least through line 37) for each person in the family

The premiums for the second lowest cost silver health insurance plan that covers the family

The premiums for the health insurance plan or plans you are thinking of or actually enrolled inInformation Needed to Calculate the Actual Amount of the Premium Assistance Tax Credit

Page 1 of Form 1040 (completed at least through line 37) for each person in the family

Form or Forms 1095-A received from the health insurance companyThe premium assistance tax credit can be calculated using Form 8962.

Still not done ...........

You will also need to know how to calculate your household income, then calculate your household income as a percentage of the Federal Poverty Level, calculate the applicable percentage, calculate your required contribution, find the SECOND lowest cost Silver plan on the exchange, subtract your required contribution from the cost of the second lowest cost Silver plan then compare your maximum annual premium assistance to the actual premiums for the plan you chose. Whichever number is lower is your credit.

Got that?

Good.

But before you start all this you will need:

No big deal, right?To estimate the premium assistance tax credit for 2014:

Use your 2013 tax return to calculate your modified adjusted gross income and household income.

Revise your household income based on any changes in income you expect for 2014.

Use the 2014 poverty guideline chart to calculate your expected household income as a percentage of the federal poverty line.

Use the 2014 applicable percentages chart.

Use applicable percentage and household income to calculate the required contribution.

Use the second lowest cost silver plan for the area in which you live to calculate the premium assistance amounts.

Consider using Form 8962 as a worksheet to do your calculations, so you can become familiar with this form.To calculate the actual amount of the premium assistance tax credit for 2014:

Use your 2014 tax return to calculate your modified adjusted gross income and household income.

Use the 2014 poverty guideline chart to calculate your expected household income as a percentage of the federal poverty line.

Use the 2014 applicable percentages chart.

Use applicable percentage and household income to calculate the required contribution.

The second lowest cost silver plan is shown on Form 1095-A line 33B.

Use Form 8962 to do your calculations. This form is then included with your tax return for the year.To estimate the premium assistance tax credit for 2015:

Use your 2014 tax return to calculate your modified adjusted gross income and household income.

Revise your household income based on any changes in income you expect for 2015.

Use the 2015 poverty guideline chart to calculate your expected household income as a percentage of the federal poverty line.

Use the 2015 applicable percentages chart.

Use applicable percentage and household income to calculate the required contribution.

Use the second lowest cost silver plan for the area in which you live to calculate the premium assistance amounts.

Consider using Form 8962 as a worksheet to do your calculations, so you can become familiar with this form.

Compare your calculations to the calculation provided by the insurance exchange.

Here is

**that link**again in case you missed something.

Be sure to thank your Congress critter when you go to the polls.

Obama is not on the ballot this year, but his policies are.