How can I construct a formula that will relate TODAY to the 1st
Tuesday of each month.

For example as today is 01/12/07, my formula should return 04/12/07,
but if TODAY was 05/12/07, then it should return 01/01/08 etc

Thanks

With
A1: =TODAY()

=IF(A1-DAY(A1)+7-WEEKDAY(A1-DAY(A1)+4)A1,
A1-DAY(A1)+7-WEEKDAY(A1-DAY(A1)+4),A1+32-
DAY(A1+32)+7-WEEKDAY(A1+32-DAY(A1+32)+4))

You have a minor problem in your formula... it will produce the wrong date
whenever the date in A1 is the first of the month on a Wednesday (try August
1, 2007 for example). This stems from your using the +7 and -4 adjusters.
Normally, the fix would be to use +8 and -5 (at least that would be the fix
in order to find the first such-and-such day in a month); however, I notice
that your original formula and your formula modified as I just mentioned,
both get December 31, 2008 wrong... they report February 3, 2009 instead of
January 5, 2009 as the first Tuesday of the next month (given that December
31st is greater than its own first Tuesday)... I'm not sure off-hand what,
if any, "rule" there is governing when this problem will crop up (mainly
because I didn't look for one).

Rick