Alaska residents, rejoice! If you’re eligible for the 2023 Permanent Fund Dividend (PFD), you could receive a $1,312 stimulus check this December.
Funded by Alaska’s oil revenue, the PFD is a vital financial resource, especially during times of high inflation and economic uncertainty. Here’s a step-by-step guide on how to claim your check, plus details about the 2024 payment.
Eligibility
The PFD is distributed to Alaskan residents who meet specific criteria, including:
- Residency: You must have lived in Alaska for the full calendar year prior to the distribution year.
- Application Submission: Your application must have been submitted before the deadline.
- No Disqualifying Absences: Time spent outside the state for extended periods may disqualify you unless it was for allowable reasons (e.g., military service or education).
If you’ve already applied for the 2023 PFD, your next step is to check your payment status.
Steps to Claim
1. Verify Your Application Status
Visit the Alaska Department of Revenue’s PFD portal to confirm your application status. Look for one of these updates:
- Eligible Paid: Your check has already been issued.
- Eligible Not Paid: Your payment is pending and will be distributed soon.
For 2023, most pending checks will be issued on December 15.
2. Resolve Issues
If your status is unclear or marked as ineligible, there might be an issue with your application. Common problems include:
- Missing or incorrect banking details.
- Incomplete or inaccurate documentation.
Contact the Department of Revenue to clarify and resolve the issue.
3. Wait for Payment
Once your application is marked as eligible, the check will either be directly deposited into your bank account or mailed to your address.
2024 PFD Details
Alaska has already approved the 2024 PFD, which amounts to $1,702 per eligible resident—a significant increase from 2023. If you applied on time and meet the requirements, you should already be receiving this payment or see it soon.
2023 vs. 2024 PFD Amounts
| Year | Amount | Disbursement Period |
|---|---|---|
| 2023 | $1,312 | December 15, 2023 (pending cases) |
| 2024 | $1,702 | Ongoing through 2024 |
Tax Considerations
Both the 2023 and 2024 PFD payments are subject to federal taxes. You’ll need to report them as income on your annual tax return. The Alaska Department of Revenue’s tax identification number is 92-6001185.
Factors Influencing PFD Payments
Several factors determine the PFD payment amount:
- Oil Revenue: The state’s economy relies on oil production, which funds the PFD program.
- Eligible Applications: Payments are divided among all approved applicants.
- Economic Conditions: Inflation and increased living costs influence adjustments.
In 2023, delays occurred due to a surge in applications—over 8,000 more than in 2022.
What to Do if You Haven’t Received Your Payment
If your payment hasn’t arrived, take these steps:
- Check Your Status: Log into the official PFD portal to review your application.
- Contact the Department of Revenue: If your status is unclear or your payment is delayed, contact the office directly. Be prepared with your application ID and personal details.
- Verify Your Details: Ensure your banking information and address are accurate to avoid further delays.
Why the PFD Matters
The PFD provides critical financial relief, particularly for families in rural areas facing high living costs. It supports essentials like heating, groceries, and transportation. Beyond being a yearly bonus, it’s a lifeline for many households.
As Alaska continues to manage its natural resources, the state prioritizes fairness and efficiency in the PFD program. Improvements in processing times and transparency efforts demonstrate Alaska’s commitment to its residents.
