Congress has approved and the President has signed new economic stimulus legislation, the American Recovery and Reinvestment Act of 2009.

Following are a few questions and answers on the legislation.

Could the new legislation affect 2008 tax returns? Generally, no. The new legislation does not have any major impact for the vast majority of individuals preparing their 2008 tax returns due April 15. Instead, these changes will largely impact 2009 tax returns filed next year, in 2010. Taxpayers should continue to prepare their 2008 tax returns as they normally would.

When and how will people get the $400 to $800 "Making Work Pay" tax credit? Taxpayers will not get a separate, special check mailed to them like last year's economic stimulus payment.

For many taxpayers, the additional credit will automatically start showing up in their paychecks this spring. For people who receive a paycheck, the credit will typically be handled by their employers through automated withholding changes. For some other people, the credit can be claimed when they file their 2009 tax return next year.

Best Regards,