$1,702 Alaska October PFD Payment For Those Who Have Paid Taxes: Know Eligibility

The 2024 Alaska Permanent Fund Dividend (PFD) has been announced, offering eligible residents a total payment of $1,702.

This amount includes a standard dividend and an energy relief payment, reflecting the state’s commitment to sharing its natural resource revenues with its citizens.

Here’s everything you need to know about the payment, eligibility, and how to apply.

Breakdown of the $1,702 Alaska PFD Payment

The $1,702 payment for 2024 consists of two parts:

• Standard Dividend: $1,403.83
• Energy Relief Payment: $298.17

The energy relief portion was approved to help Alaskans cope with rising energy costs, especially during the state’s long and cold winters.

This year’s payment is about $400 higher than last year, providing much-needed financial assistance to residents.

Payment Schedule and Dates

The Alaska Department of Revenue has set the following payment schedule:

• October 3, 2024: Direct deposit payments for those who applied online.
• October 24, 2024: Paper checks for those who opted for mail delivery.
• Monthly Payments: Starting in 2024, monthly payments will be made for eligible applicants, with updates continuing as applications are approved.

Eligibility Status Deadlines:

• September 4, 2024: If your application is “Eligible-Not Paid” by this date, payment will be made on September 12, 2024.
• September 20, 2024: If your status is “Eligible-Not Paid” by this date, you will receive your payment on October 3, 2024.
• October 14, 2024: For those with “Eligible-Not Paid” status by this date, payments will be issued on October 24, 2024.

Who is Eligible for the $1,702 Alaska PFD Payment?

To receive the Alaska PFD payment in 2024, residents must meet certain eligibility requirements:

1. Residency: You must be a resident of Alaska for at least one full calendar year before the application deadline.
2. Social Security Number: A valid Social Security Number (SSN) is required.
3. Criminal Background: You must have no disqualifying criminal convictions.
4. Tax Compliance: All previous taxes must be paid.

The goal is to ensure that only residents who contribute to the state and meet specific residency requirements receive this financial assistance.

Economic Impact of the $1,702 PFD Payment

More than 600,000 Alaskans are eligible for the 2024 PFD, with the state legislature allocating over $914 million for distribution.

This infusion of funds into the local economy helps boost spending, support small businesses, and provide families with additional resources.

For many low-income families, the PFD plays a crucial role in covering significant expenses such as:

• Home repairs
• Utility bills
• Energy costs
• Groceries
• Other essential purchases

The extra $400 added to this year’s payment compared to 2023 will have an even more substantial impact, helping residents manage rising costs and inflation.

How to Apply for the $1,702 Alaska PFD Payment

Here’s a step-by-step guide on how to apply for the 2024 PFD:

1. Visit the Official Website: Go to the Alaska PFD website.
2. File Your Online Application: Click on “CLICK HERE TO FILE YOUR ONLINE APPLICATION” to start the process.
3. Create or Log in to Your myAlaska Account: You can use your myAlaska account to file and sign your application electronically. Adults can also file for their children.
4. Submit the Application: Ensure that all information is correct and save your confirmation number after submission.
5. Check Application Status: Use the “myPFD” button to check the status of your application. If you submit a paper application, allow 4–6 weeks for processing.

Important Points to Remember

• Application Deadline: Ensure your application is submitted before the annual deadline to be considered for the payment.
• Immediate Confirmation: Online applicants will receive immediate confirmation, while paper applications take longer to process.
• Keep Track of Deadlines: Be sure to monitor the status of your application, especially around key payment dates.

Comparison of PFD Payments Over the Years

The PFD payment varies from year to year, based on the state’s oil revenues and the financial performance of the Permanent Fund.

The 2024 payment of $1,702 is a notable increase compared to previous years, reflecting higher state earnings and the additional energy relief payment.

This direct financial support plays a crucial role in boosting local economies and supporting Alaskan families.

How to Stay Safe from Scams

Recent reports have surfaced about phishing scams related to the myAlaska platform. Here’s how to protect yourself:

• Ignore Phishing Messages: myAlaska will never ask you to update your password through text or email. Avoid interacting with suspicious messages.
• Verify Information: Always check the official PFD website or contact the Alaska Department of Revenue for accurate information.
• Secure Your Login Credentials: Keep your myAlaska login details private to prevent unauthorized access.

The $1,702 Alaska PFD payment in 2024 provides crucial financial support to residents, helping them manage expenses during challenging times.

With an increase compared to previous years and an added energy relief payment, this dividend ensures that Alaskans benefit from the state’s natural resource revenues.

Eligible residents should ensure their applications are submitted correctly and on time to receive the payment.

FAQs