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Omnibus Budget Reconciliation Act

There are many acts that have been passed in the United States that deal with trying to reconcile the budget by increasing taxes and reducing the deficit. One of these acts is the Omnibus Budget Reconciliation Act of 1993.

What is the Omnibus Budget Reconciliation Act?

The Omnibus Budget Reconciliation Act is a federal law that the United States Congress passed and President Bill Clinton signed into law. The Omnibus Budget Reconciliation Act dealt with reducing the deficit and with tax increases, so it has been also been referred to as the Deficit Reduction Act of 1993 or the Revenue Reconciliation Act of 1993. There are many parts to the act and below individuals have asked the Experts questions about the Omnibus Budget Reconciliation Act and its parts.

Did the Omnibus Budget Reconciliation Act of 1993 have any effect on Medicaid?

In many situations, the Omnibus Budget Reconciliation Act of 1993 did affect Medicaid. When it was passed in 1993, the Omnibus Budget Reconciliation Act made a requirement that states had to recover Medicaid long-term or nursing home care expenses. These recoveries were to be made from the estates of those persons who had received long term Medicaid benefits that were beyond the age of 55, and also those who were deemed by the State to be institutionalized permanently, regardless of the person’s age. It is important to note that if there is anything to an estate, due to the eligibility thresholds being so low financially that usually the home is the most valuable asset, and has the potential to be subjected to Medicaid recovery.

Does the Omnibus budget Reconciliation Act of 1993 have any effect on gifts?

In some cases, the Omnibus Reconciliation Act of 1993 does have an effect on gifts, if the gift is given to a recipient of Medicaid. The Omnibus Reconciliation Act of 1993 has a provision in it that states that any gift that is significant in nature given to a recipient of Medicaid can or will make the recipient of Medicaid ineligible to receive Medicaid benefits until the significant gift is spent.

Was the D4A trust created by the Omnibus Budget Reconciliation Act of 1993?

In this case, the D4A trust was set up due to the Omnibus Budget Reconciliation Act of 1993. A D4A trust allows for funds to be in the trust without prohibiting the recipient of social security disability or other forms of disability payments from receiving their benefits or affecting their eligibility to receive these benefits. This allows money to be saved to cover medical needs or financial needs to be covered outside what the social security or other form of benefits covers. It is possible for the trustee of a D4A trust to be a parent or a guardian.

The Omnibus Budget Reconciliation Act of 1993 had measures that increased taxes and decreased the Deficit. The Omnibus Budget Reconciliation Act of 1993 was signed into law by President Bill Clinton. The Omnibus Budget Reconciliation Act of 1993 had many parts and affected the Medicaid program in several ways. Any questions in regards to the Omnibus Budget Reconciliation Act can be directed to the Experts.

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Recent Omnibus Budget Reconciliation Questions

  • Hello for the last seven years I was working for a company

    Hello for the last seven years I was working for a company that I took to court for A Worker's Compensation claim. I sued them but it seems like they sued me back because my last tax year with them was owing the government money. I've been driving trucks in California Washington Oregon Nevada for the last 14 years and there hasn't been one year that's gone by where I haven't received a check for $2500-$3500 per year consistently.
    Basically I use per DM because I travel every day which comes out to be between eight and $10,000 per year my W-2 show that I made $16,900 for the company which is shown on my Social Security statement as well. Now the issue that I'm having is I believe I made a lot more money than that although I didn't keep my checks my stubs or really any record of them direct deposit of the money I made with the company
    But putting that aside and they kept my per DM or they said they paid it because I wasn't allowed to file it on my return and according to my records I made over $30,000.
    I love you sounds hectic but I wish somebody could help me get to the bottom of the situation I don't know where to begin but I know I made more than $16,000 last year and my Social Security statement is incorrect also I know I worked a full year for that I made $35-40k, and still should've received around $1500 or $1800 ,something, but I sure would like to get to the bottom of it all
    deposits are all The records I have of income records I have for 2013 and I don't even know if Chase can go that far back. its likely that I made over $16,000, and what's the reason that the payroll department is refusing to show the per DM on my paystub, so that I can file it with my taxes- because $35,000 -$16,900, is where I should be on my 2013 taxes all the although they're filed and complete. I sure would like to talk to somebody, not the tax preparer
  • How can I optain tax records that over 20 years old. This

    How can I optain tax records that over 20 years old. This had to do with my Social Security. I'm missing some credits from whence I worked for the Federal Government Thank you
  • My tax return got kicked back when efiled on the extended deadline

    My tax return got kicked back when efiled on the extended deadline October 15, so my accountant sent it to me and told me I had to mail a paper copy(I do not owe/ refund) I mailed it out regular mail and then realized I forgot to send the w-2s/ I then within a half hour went to UPS and overnighted the same identical return with the proper w-2s and an explanation of what happened. They will get this return (the one with the w-2s) Monday morning and the other identical one but with no w-2s will probably be received several days later. What is going to happen?
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