Coronavirus Q&A: Your stimulus payment questions answered

SAN FRANCISCO (KGO) -- News about the novel coronavirus and how it affects everyday people's finances seems to change day by day. On Friday, March 27, President Donald Trump signed a $2.2 trillion "economic rescue package" aimed to help those affected by the slowing economy caused by the response to the coronavirus.

The package includes a one-time "stimulus payment" to nearly all Americans. The basics of who will get what, when, are fairly simple: within the next several weeks, Americans will receive either direct deposits or paper checks (depending on how they've paid their taxes previously), for up to $1,200. (Use our calculator to see how much you're estimated to receive.)

But some situations aren't as straightforward. So, every day this week, 7 On Your Side's Michael Finney is answering your questions about how the coronavirus is impacting your bottom line, from everything to the stimulus package to unemployment and other aid.

Be sure to ask Michael your questions on Facebook or Twitter for him to answer on air!

Jennifer asks: What if I earned more than $75,000 last year?
Answer: You may still qualify for a stimulus check. Here's how. Individuals earning up to $75,000 get the full $1,200 payment. But if you earned more, you may get a reduced amount. Just subtract $50 for every $1,000 you earned over $75,000, until it zeroes out. Singles earning over $99,000 get nothing. For married couples with no kids, income limits are doubled. But those earning more than $198,000 get nothing. ABC7 has a handy calculator that will do the estimations for you.

Michele asks: What about an 18-year-old who works part time and is a full-time student. Do they qualify if I claim them as a dependent?
Answer: No. Children over age 16 will not receive a payment if you claim them as a dependent. In fact, no one who is claimed as a dependent by someone else can get their own check. Parents do receive $500 for each child under age 17.

Neil asks: When will we get our stimulus checks?
Answer: The Treasury Secretary says everyone should get their money within three weeks, but realistically experts say it could take longer. Sending checks to everyone isn't as simple as it seems, especially since it's based on tax returns for millions of Americans. However, if you used direct deposit on your tax return last year, you may get your money faster than someone waiting for a paper check. The IRS is setting up a way to provide a bank account number to them if you want to get your money by direct deposit and hadn't previously set that up. Stay tuned for more info on that.

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