Alaskans are receiving a financial boost this year as the state begins distributing the $1,702 Permanent Fund Dividend (PFD) payments. Residents who opted for direct deposit will start seeing the funds in their bank accounts as early as October 3, 2024. For those receiving paper checks, payments will follow later in the month.
The PFD, a beloved program for Alaskans, is designed to distribute a portion of the state’s oil revenue earnings to residents annually. Many people rely on this money to cover essential expenses like rent, food, and utility bills.
Why Is the PFD Important?
The Alaska Permanent Fund was established in 1976 as a way to save and invest the state’s oil wealth. Instead of spending all the money from oil production, a portion of it is deposited into the Permanent Fund, generating income through investments. Each year, a portion of these earnings is distributed directly to eligible Alaskans through the PFD.
Who Is Eligible for the $1,702 Payout?
To receive this year’s dividend, applicants must meet several eligibility requirements:
- Residency: Applicants must have lived in Alaska for the entire 2023 calendar year and intend to remain in the state.
- Absences: If someone was absent from the state for more than 180 days, the reason must fall under allowable categories such as attending college or serving in the military.
- Presence: Applicants need to have been physically present in Alaska for at least 72 consecutive hours in 2022 or 2023.
- Legal Status: People currently incarcerated for felony convictions or certain misdemeanors are not eligible for the PFD.
How to Check Your Status
Residents who applied online and selected direct deposit can expect faster processing, with payments already being distributed. Those who applied for paper checks may experience a slight delay but should receive their funds by the end of October.
The PFD application window for 2024 was open from January 1 to March 31, 2024. If you missed the deadline, you’ll need to wait until next year to apply.
For those uncertain about their eligibility or application status, it’s recommended to visit the official Alaska Department of Revenue website for updates and detailed guidelines.
With rising living costs, this year’s PFD of $1,702 is a welcome relief for many Alaskan families. Whether it’s used for paying off bills, purchasing essentials, or saving for future expenses, the dividend remains a significant financial resource in the state.
