Thousands of Alaskans woke up to an extra $1,702 in their bank accounts this February, thanks to a combination of the state’s annual Permanent Fund Dividend (PFD) and an additional Energy Relief Payment. This financial boost is designed to help residents with rising costs, especially during the harsh winter months.
Why Are Alaskans Receiving This Money?
The $1,702 payout is made up of two parts:
- Permanent Fund Dividend (PFD): Every year, Alaskans receive a portion of the state’s oil revenue as a dividend. This program, in place since 1982, ensures that residents benefit from Alaska’s natural resources.
- Energy Relief Payment: To help combat rising fuel and utility costs, the state included a one-time energy assistance payment in this year’s distribution.
Who Was Eligible?
Not everyone received this payment. To qualify, residents had to meet the following requirements:
- Lived in Alaska for the entire year of 2024 with plans to stay indefinitely.
- Not have been absent from the state for more than 180 days unless for approved reasons, like military service or medical treatment.
- Have no felony convictions or disqualifying criminal history.
- Submitted their PFD application before the March 31, 2024, deadline.
How Payments Were Distributed
The Alaska Department of Revenue processed payments in February, with most recipients seeing the money deposited directly into their bank accounts. Those who opted for paper checks experienced minor delays. Residents could check their payment status online through the official PFD website.
How Alaskans Are Using the Money
For many households, the extra $1,702 has been a much-needed financial cushion. People are using it to:
- Cover everyday essentials like groceries, rent, and medical expenses.
- Pay off high winter energy bills.
- Save or invest for the future.
Tax Reminder: Don’t Forget to Report It!
One important detail to keep in mind—this payment is considered taxable income at the federal level. That means Alaskans must report it when filing their federal taxes. Those unsure about the impact should consult a tax professional to avoid any surprises.
What’s Next for PFD Payments?
The Alaska Permanent Fund Dividend remains a crucial part of the state’s economy, but there’s always debate about how much should be paid out each year. While the extra Energy Relief Payment was a welcome bonus, it’s unclear if similar payments will be included in future years.
For the latest updates on PFD distributions and future payouts, Alaskans can visit the official website of the Alaska Department of Revenue.
