 No Prius Tax Rebate for me - Thanks Alternative Minimum Tax
>> Again, you do realize that this time, this "stimulus" check is, in
>> effect, just an advance on any potential next year's tax refund.
>
>Nope; I don't realize what is not true. There's nothing in the law that
>says that the amount of the stimulus will be deducted from next year's
>refund.
Enjoy that warm fuzzy feeling now...tax CPAs *know* what is coming
next year.
"This advanced rebate amount of the credit is computed in the same way
as the credit, except that it is done on the basis of tax returns
filed for 2007 (instead of 2008). ( Code Sec. 6428(g) ) "
"Taxpayers reconcile the amount of the credit with the advance rebate
payment they receive by completing a worksheet calculating the amount
of the credit based on their 2008 tax return. They then subtract from
the credit the amount of the rebate payment they received. For many
taxpayers, these two amounts will be the same. If, however, the result
is a positive number (because, for example, the taxpayer paid no tax
in 2007 but is paying tax in 2008), the taxpayer can claim that amount
as a credit against 2008 tax liability. (Code Sec. 6428(f))"
Source: Federal Taxes Weekly Alert (preview) 02/14/2008, Volume 54,
No. 07
Of course, next year's tax tables will also be adjusted to reflect
this rebate, while everyone is busy celebrating their big windfal
todayl... | 
