Stimulus Rebate

[Lucho]

According to "JK Harris Tax Resolutin Blog", I understand the the stimulus rebate is not a loan but a 2007 tax reduction and also if a taxpayer did not get the full rebate amount this year, he/she/they might be able to get the difference next year. Am I right in my reasoning. Reading some discussion here some weeks ago I remember this rebate was consider a loan to be repaid later.

Here is the link:

http://taxresolutionblog.wordpress.com

[JohnH]

The rebate is a true rebate.

Not a loan, advance, or any other such definition having to do with any sort of future repayment.

It's actually more than a rebate, because someone who doesn't qualify for the rebate based on their 2007 return, or anyone who qualfies for a higher rebate than they receive in 2007, will have a second chance to get the additional amount they are due when they file their 2008 return by completing a simple reconciliation worksheet. Everybody gets two trips to the well.