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Government Rebate Checks


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OK, I just heard an explanation of this on CNN. Apparently, many people are confused as to whether it's a rebate or an advance (and not just us).


The way they explained it was that there was a tax credit approved for 2008. Any rebate check money that you receive will have to be deducted from that tax credit when you file your 2008 tax return. So, basically, it is money that you are paying back next year from a tax credit that you did not have in 2007. It is a tax credit that was supposed to be put in place in 2008.


It sounds like the old shell game. It's actually money coming out of your pocket that you're paying back, but since you don't have the tax credit yet, you won't know what you're missing.


They specifically said that the rebate checks you receive WILL NOT raise your taxes in 2008 (since your taxable income is based on your income prior to your credits being applied) when you file your 2008 tax return.


Still clear as mud? I'm still buying a guitar and I'll figure it out next year.

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