In 2024, eligible Alaskans will receive a one-time relief payment of $1,702, a combination of the annual Permanent Fund Dividend (PFD) and an additional Energy Relief Payment. These payments aim to share Alaska’s resource wealth while helping families manage living and energy expenses.
How the $1,702 Payment Is Structured
The total payment consists of:
- Permanent Fund Dividend (PFD): $1,403.83
- Energy Relief Payment: $298.17
The inclusion of the Energy Relief Payment reflects efforts to offset rising energy costs, providing Alaskans with added financial support.
Eligibility Criteria for the $1,702 Payment
To qualify for the payment, residents must meet specific requirements:
- Residency: Applicants must have lived in Alaska for the entire 2023 calendar year and intend to remain in the state indefinitely.
- Physical Presence: Individuals must not have been absent from Alaska for more than 180 days during 2023, except for specific exemptions like military service or education.
- Application Deadline: Residents must have submitted their PFD application by March 31, 2024.
These eligibility rules ensure that the benefits are reserved for long-term Alaskans who actively contribute to the state.
Payment Distribution Timeline
Payments were distributed in two ways:
- Direct Deposit: Issued on October 3, 2024, to applicants who provided banking information.
- Paper Checks: Mailed out starting October 24, 2024, for those who opted for physical checks.
This staggered payment process ensures timely delivery based on the chosen method.
Tax Implications of the Payment
It’s essential to understand how the payments are taxed:
- The Permanent Fund Dividend is subject to federal income tax.
- The Energy Relief Payment, however, is classified as a relief measure and is expected to be exempt from federal taxes.
Recipients should consult with a tax advisor to ensure proper reporting of these funds.
Missed the Deadline? Plan for 2025
Residents who missed the 2024 application deadline can prepare for the next PFD cycle. The application period for 2025 opens on January 1, 2025, and closes on March 31, 2025. Applying early ensures eligibility for the next year’s payment.
For updates on future programs and deadlines, residents can visit the official website of the Alaska Department of Revenue.
Why This Payment Matters
The $1,702 payment underscores Alaska’s commitment to sharing its natural resource wealth with its residents. By combining the PFD with an Energy Relief Payment, the state provides meaningful support to families facing rising costs of living and energy expenses.
Staying informed about eligibility requirements and deadlines ensures that residents can take full advantage of this valuable program. For more details, visit the Alaska Department of Revenue website or contact your local office.
