Tax Rebate/Credit

[Blue Tyke]

articles.moneycentral.msn.com/Taxes/Advice/TheDetailsOnTaxRebates.aspx?page=1

"To produce this cash, Congress created a one-time tax credit to reduce taxable income for most taxpayers this year. If it turns out that you're entitled to a bigger tax credit than the checks you receive, you'll be able to claim that when you file your return next year. "

Watch out!

[Blue Tyke]

Or not

usgovinfo.about.com/b/2008/02/27/will-i-have-to-pay-taxes-on-my-rebate.htm

"According to the IRS, you will not owe taxes on your rebate when you file your 2008 income tax return. However, you should keep a copy of the IRS letter you receive later this year listing the amount of your payment. In the event you do not qualify for the full amount this year but you do next year, you will need to have the letter as a record of the amount you previously received."