Is the rebate check (called a "stimulus payment") that we receive in May under the Economic Stimulus Act taxable income to us? Do we have to report it on our 2008 income tax return?

Is the rebate check (called a "stimulus payment") that we receive in May under the Economic Stimulus Act taxable income to us? Do we have to report it on our 2008 income tax return?

Good news — the rebate check is like a gift from Uncle Sam. You are not taxed on the amount of the check you receive. Also, the check won't count toward or negatively impact any other income-based government benefits, such as Social Security benefits.