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will be in 2008, you’ll receive a rebate when you file your 2008 taxes next year.
• Furthermore, if you receive a rebate but it turns out you weren’t actually eligible (because your 2008 income doesn’t qualify), the government will not ask you to return the money.
• Those who file for direct deposit on their tax return will likely receive rebates sooner than those who opt for a check.
• Rebates are not taxable and won’t be added to 2008 income.
Although Congress intends for people to reinvest their rebates in our faltering economy, you should temper that desire to spend it all at once. Consider using at least a portion to pay off high-interest debt, boost your emergency savings or add to your retirement nest egg.
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