IRS says stimulus deposits have started

The delivery of Economic Impact Payments into bank accounts has started, the IRS reported Saturday.

Officials said the IRS will continue to swiftly issue these payments in the days ahead.

For security reasons, the IRS has said it plans to mail a letter about the economic impact payment to the taxpayer’s last known address within 15 days after the payment is paid.

“The letter will provide information on how the payment was made and how to report any failure to receive the payment,” officials said on the IRS website.

Here’s who will receive what:

U.S. residents will receive the Economic Impact Payment of $1,200 for individual or head of household filers, and $2,400 for married filing jointly if they are not a dependent of another taxpayer and have a work eligible Social Security number with adjusted gross income up to:

* $75,000 for individuals

* $112,500 for head of household filers and

* $150,000 for married couples filing joint returns

Taxpayers will receive a reduced payment if their AGI is between:

* $75,000 and $99,000 if their filing status was single or married filing separately

* 112,500 and $136,500 for head of household

* $150,000 and $198,000 if their filing status was married filing jointly

The amount of the reduced payment will be based upon the taxpayers specific adjusted gross income.

Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits as well as taxpayers who do not make enough money to normally have to file a tax return will receive a payment. This also includes those who have no income, as well as those whose income comes entirely from certain benefit programs, such as Supplemental Security Income benefits.

Retirees who receive either Social Security retirement or Railroad Retirement benefits will also receive payments automatically