A lot of questions have been trickling in about the rebate check since President Bush finalized the bill for the economic stimulus package on Wednesday. The most common questions have to do with whether or not you qualify to receive one and what exactly a rebate check is. To find out what the rebate check is all about just read more
Your rebate is a one-time tax cut that you don't have to pay back and is considered an advance on the taxes you'll owe in 2008. Contrary to the perplexing explanation that I've been reading everywhere, you don't need to be an accountant to understand the rebate check. One point that can be especially confusing is there are three years are involved (2007-2009), but here's the gist of what you need to know.
If you file your taxes for 2007 and qualify for a rebate check, the rebate amount will appear on your 2008 tax return as tax credit. You won't get any less of a refund than you normally would for your 2008 tax return (which you'll file in 2009). If you didn't qualify for the rebate based on your 2007 return but your situation in 2008 changes so that you do qualify, the government will send you a rebate check next year.
Download the fact sheet that the Treasury created to see how much money you'll be receiving.