Will I be able to use my Rebate to offset my 2007 tax liability?

pinky · #1 (**permalink**) 02-24-2008, 10:39 PM

It seems that I am expecting to owe taxes when I file my 2007 Tax return. Is there a way that I can use the Rebate to offset my 2007 Tax Liability?

I would prefer to use that option if it is available.

Thanks..

TaxGuru · #2 (**permalink**) 02-24-2008, 10:59 PM

It appears that at the present moment, "taxpayers will be unable to use the tax rebate checks to offset their expected 2007 individual tax liability!"

Don't forget to remember that Taxpayers are not scheduled to receive any rebate checks until after you file your 2007 taxes anyway. So, you will have to pay the tax liability first, assuming you owe taxes on the 2007 tax filing!