The $1,702 Alaska Permanent Fund Dividend (PFD) Payment for October 2024 has been officially announced by the Alaska Department of Revenue, bringing good news for eligible residents.
This year’s payment includes a standard dividend of $1,403.83 and an additional energy relief payment of $298.17, bringing the total to $1,702.
The PFD, which has been distributed annually for over 40 years, is funded by Alaska’s natural resource revenues and helps residents cope with economic challenges, particularly rising energy costs.
Here’s everything you need to know about the $1,702 PFD, including eligibility, payment dates, and the application process.
What is the Alaska PFD?
The Alaska Permanent Fund Dividend (PFD) is an annual payment made to eligible residents of Alaska, funded by the state’s oil and natural resource revenues.
It has been distributed since 1982 to share the wealth generated by these resources with the people of Alaska. The PFD is seen as a form of universal basic income for Alaskans, providing financial relief to individuals and families.
Payment Breakdown for October 2024
- Total Payment: $1,702
- Standard Dividend: $1,403.83
- Energy Relief Payment: $298.17 (to help offset rising energy costs)
The energy relief payment was first approved last year and continues in 2024 as a way to help residents manage higher energy bills.
Payment Dates for the $1,702 PFD
The payout schedule for the 2024 Alaska PFD is as follows:
- October 3, 2024: Direct deposits for online filers who chose direct deposit.
- October 24, 2024: Paper checks mailed for those who filed by paper or opted for a mailed payment.
If your application status shows “Eligible-Not Paid” by certain key dates, you will be paid according to the following schedule:
- September 12, 2024: Payments for applications marked as eligible by September 4, 2024.
- October 3, 2024: Payments for applications marked as eligible by September 20, 2024.
- October 24, 2024: Payments for applications marked as eligible by October 14, 2024.
Monthly payments will continue for any remaining eligible applications that are approved after these dates.
Eligibility for the $1,702 Alaska PFD Payment
To qualify for the 2024 Alaska PFD, you must meet several basic eligibility requirements:
- Residency: You must be a permanent resident of Alaska for the entire calendar year before applying. Temporary absences for reasons like college, medical treatment, or military service are allowed under certain conditions.
- Application Submission: Your application for the PFD must be submitted on time through the appropriate channels (either online or via a paper form).
- No Disqualifying Legal Issues: Individuals who have been convicted of certain felonies or incarcerated for the entire qualifying year may not be eligible.
- Other Criteria: You must intend to remain a resident of Alaska and meet any other requirements specific to the PFD.
How to Apply for the $1,702 Alaska PFD Payment
To apply for the Alaska PFD, follow these steps:
- Visit the Official Website: Go to the Alaska PFD homepage and click on the “CLICK HERE TO FILE YOUR ONLINE APPLICATION” button.
- Log in or Create a myAlaska Account: Use your myAlaska credentials to log in. If you don’t have an account, you can create one to submit your application.
- Complete the Application: Fill in all required fields in the application form, ensuring that the information is accurate and up to date.
- Submit and Track Your Application: After submitting your application, you will receive a confirmation number. Keep this number to track the status of your application.
- Paper Applications: If you prefer, you can apply by paper, but note that this method takes longer to process. Allow 4-6 weeks for processing.
Economic Impact of the $1,702 PFD Payment
This year’s payment is approximately $400 higher than last year’s PFD, with over 600,000 Alaskans eligible for the dividend.
The payment injects substantial funds into Alaska’s economy, boosting local businesses and helping families cover significant expenses like home repairs, energy bills, and other essentials.
For many residents, particularly those with lower incomes, the PFD represents a key portion of their annual income. By increasing the dividend amount, the state is helping Alaskans deal with rising living costs, especially during the colder months when energy expenses peak.
Important Considerations
- Security and Phishing Warnings: Residents should be cautious of phishing scams involving the PFD. Some myAlaska users have reported receiving fraudulent messages asking them to update their login credentials. Always verify information directly through official channels and avoid engaging with suspicious texts or emails.
- Two-Part Payments Starting in 2024: For the first time, PFD payments will be issued in two parts, meaning eligible residents may receive monthly payments following the initial October distribution.
The $1,702 Alaska PFD Payment for October 2024 offers much-needed financial support for Alaskan residents, with a portion dedicated specifically to energy relief.
This year’s higher payment reflects the state’s commitment to distributing natural resource revenues fairly and supporting residents during economic challenges. Make sure to apply online through the official Alaska PFD website to ensure you receive your payment on time.
FAQs
Who is eligible for the $1,702 Alaska PFD Payment?
Residents of Alaska who meet the residency and application criteria.
How do I apply for the Alaska PFD?
You can apply online via the Alaska PFD website or by submitting a paper application.
When will I receive my PFD payment?
Direct deposits are made on October 3, 2024, while paper checks will be mailed on October 24, 2024.
What does the $1,702 PFD payment include?
It includes a standard dividend of $1,403.83 and an energy relief payment of $298.17.
How can I check the status of my PFD application?
You can check the status of your application through the myPFD portal on the Alaska PFD website.
