The Alaska Permanent Fund Dividend (PFD) for 2024 has been officially announced, providing significant financial support for eligible Alaskan residents.
This year, recipients will receive a total of $1,702, which includes the standard PFD amount and an energy relief payment.
If you’re wondering about the exact dates, eligibility criteria, and how to check your payment status, this article provides all the details you need to know.
Overview of the $1,702 Stimulus Payment
The total payout of $1,702 consists of two components:
- Permanent Fund Dividend (PFD): $1,403.83
- Energy Relief Payment: $298.17
This payment is approximately $400 higher than the 2023 payout. It was designed to help residents deal with rising energy costs and inflation, particularly as winter approaches. Over 600,000 Alaskans are set to benefit from this year’s payout.
Key Dates for the 2024 PFD & Energy Relief Payment
The Department of Revenue in Alaska has scheduled the payment distribution as follows:
| Payment Date | Details |
|---|---|
| October 3, 2024 | Direct deposit payments begin for eligible applicants who applied online and opted for direct deposit. |
| October 26, 2024 | Paper checks and remaining direct deposits for other eligible applicants, including those who applied via mail or opted for check payments, will be issued. |
For those who had pending payments from 2023 or earlier, the Alaska Department of Revenue has made provisions to disburse those funds along with the 2024 PFD payment. Individuals with delayed payments should check their status online and may receive their pending payment as part of the October disbursements.
Eligibility for the 2024 Alaska PFD and Energy Relief Payment
To qualify for the $1,702 stimulus payment, applicants must meet the following criteria:
- Residency: You must have lived in Alaska for the entire year of 2023 and intend to remain indefinitely.
- Absence Limits: Absences from the state must not exceed 180 days in a year.
- Application Submitted: You must have successfully applied for the PFD within the designated period.
- No Other State Residency: You cannot claim residency in another state or country since December 31, 2022.
- Past Presence in Alaska: You must have spent at least 72 consecutive hours in Alaska during the previous two years (2022 or 2023).
How to Check the Status of Your $1,702 Stimulus Payment
Alaska residents who are waiting for their PFD payment can easily check their status online:
- Visit the official PFD website.
- Log into your MyPFD Dashboard.
- Provide your personal information, including your name, driver’s license number, and date of birth.
- Once logged in, you will see the status of your application and payment.
This tool allows you to track both pending payments from previous years and the upcoming PFD for 2024. Ensure your details are up-to-date to avoid delays in receiving your payment.
Breakdown of the Payout: Why the Increase?
The $1,702 payout is an increase from previous years due to surplus oil revenues and legislative allocations. The energy relief payment, introduced in 2023, was designed to mitigate the impact of high energy costs for Alaskans. While the PFD itself is subject to federal taxes, the energy relief component is expected to be exempt.
This year’s total payment distribution amounts to over $914 million and is a result of Alaska’s natural resource earnings, which are distributed to residents through the PFD program.
Conclusion
The 2024 Alaska PFD and energy relief payment provide a significant boost to residents, offering $1,702 per eligible individual. With direct deposits starting on October 3 and paper checks mailed later in the month, it’s important for applicants to check their status and ensure their information is up-to-date. This financial support comes at a crucial time, especially given rising energy costs and inflation.
For more detailed information, visit the Alaska Department of Revenue’s official website to stay updated on the status of your payment.
FAQs
1. When will the $1,702 PFD payment be made?
Direct deposits begin on October 3, 2024, and paper checks will be mailed on October 26, 2024.
2. What is the breakdown of the $1,702 payment?
The payment includes $1,403.83 from the PFD and $298.17 from the energy relief payment.
3. Who is eligible for the 2024 PFD and energy relief payment?
To be eligible, you must have lived in Alaska throughout 2023 and meet other residency and absence requirements.
4. How can I check my PFD payment status?
Visit the PFD website and log into the MyPFD Dashboard to check your payment status.
5. Is the energy relief payment taxable?
The energy relief payment is expected to be exempt from federal taxes, but the PFD itself is still subject to taxation.
References
- Alaska Department of Revenue Announcement(Department Of Revenue)
- Petersburg Pilot Coverage on PFD(Petersburg Pilot)
- Alaska Permanent Fund Dividend Program 2024 Overview(SOSCIP)
