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Can someone confirm my understanding.... the tax stimulus is really against 2008 income, so if your income is too high in 2007 for the total or any rebate, but this is not the case in 2008, then next spring/summer (of '09) you will receive whatever extra you qualify for?

I expect to be in this situation because I had a large cap gain distribution - plus a generous (mostly taxable) moving package from my new employer - that will disqualify me for most or all of the rebate this year. However, in 2008, I expect I will quality for much more if not all of it.

So, do I understand correctly? I'll get whatever extra next year?

Second, am I to understanding that the rebate is not taxable this time around? Or won't be added into near year's taxes owed? As apparently was the case last time around?
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