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I've read some threads here and still am confused over the effect of the 2008 tax rebate. Please clarify:

1. We have filed 2007 taxes, MFJ, and received a refund already.
2. In May, we should receive the $1200 2008 tax rebate.
3. In 2009 when we file 2008 taxes, what effect, if any, does the $1200 rebate have on 2008 taxes?

a) rebate has no effect, i.e., it's reported but fully credited, net zero?
b) rebate reduces any tax refund due on 2008 taxes?
c) rebate increases taxes due on 2008 taxes?
d) other???
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