Peek Through Block
1. File --> New and make it 3x2 inch Transparent (size will depend on how much text you will include)
2. Change foreground color to black and draw a rectangle to cover your canvas
3. Type tool - change to white, and select font/size
4. Type and position your text
5. Layer --> Flatten image
6. Select --> Color range (be sure to click on your "text")
7. Color over with the Background eraser tool
8. Select --> Deselect
9. Crop your image, if desired
10. Save as a PNG file