AMERICANS are ready to get a hefty annual payment, but there is a catch.
Alaska Residents Will Receive Their 2022 PFD Payment On June 15
Alaska residents who were designated as “eligible-not paid” on June 7 will receive their $3,284 PFD payment for 2022 on June 15. The payout is a percentage of the state’s oil and gas earnings for the year. While the majority of residents have gotten their checks, others are still classified as “eligible-not paid,” with another group receiving their payout in July. However, there are some conditions tied to the payment. $2,662 of the total payment amount of $3,284 is taxable income. The remaining $662 is deemed energy relief and will be exempt from taxation.
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Alaska Residents Must Complete An Application And Taxes To Be Eligible
To be eligible, beneficiaries must be Alaska residents for the full fiscal year in which the PFD is issued.
They must complete an application in addition to completing their state income taxes by a yearly deadline. Current awardees submitted their applications by March 31st. Although the 2023 PFD has yet to be verified, the Alaska legislature did pass a budget that includes a $1,300 PFD payout. However, it must still be signed by Governor Mike Dunleavy before the 2023 sum is established.
However, Alaska is not the only state issuing cash. This month, New Mexico is also distributing payments to taxpayers. On June 16, the state will begin giving out income tax rebates ranging from $500 to $1,000. The state legislature approved and signed the $673 million rebates. Solo filers earn $500, while joint filers get $1,000. There are no income restrictions on the rebate.
The Minnesota state government has approved rebates ranging from $260 to $1300. Solo filers are eligible for $260, while couples are eligible for $520. Couples with dependents can get $260 payments for up to three dependants, for a total payment of $1,300. Unlike the rebate in New Mexico, the Minnesota payment contains income limitations. Solo filers must earn less than $75,000 per year, while joint filers and families must earn less than $150,000 per year.
Residents might expect respite in the fall if the bill is passed into law next month.
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