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IRS deposits first economic support payments

WASHINGTON — The IRS says the first economic support payments stemming from the coronavirus outbreak have been deposited in taxpayers’ bank accounts.

In its tweeted announcement Saturday night, the IRS didn’t say how many taxpayers have received the payments or how much money has been disbursed so far.

The tweet says: “We know many people are anxious to get their payments; we’ll continue issuing them as fast as we can.”

The payments are part of the $2.2 trillion rescue package passed by Congress and then signed into law last month by President Donald Trump.

Anyone earning up to $75,000 in adjusted gross income and who has a Social Security number will receive a $1,200 payment. Parents will also receive $500 for each qualifying child.

The payment steadily declines for those who make more.

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