For residents of Alaska, the annual Permanent Fund Dividend (PFD) serves as a significant financial lifeline, distributing revenue from the state’s natural resources, particularly oil. The 2023 PFD check amounted to $1,312, and pending disbursements are scheduled for December 15, 2023.
Here’s everything you need to know to claim your stimulus check and stay informed about the upcoming 2024 payment of $1,702.
What Is the Permanent Fund Dividend?
The PFD is a program unique to Alaska, where eligible residents receive a portion of the state’s natural resource revenues. Established to share the state’s wealth, the PFD helps families cover essential expenses, particularly in Alaska’s high-cost living environment.
In 2023, over 600,000 Alaskans benefited from the program, injecting nearly $1 billion into the local economy.
Who Is Eligible for the $1,312 Check?
To qualify for the 2023 PFD payment, you must meet the following criteria:
- Residency: You must be a full-time resident of Alaska for at least one calendar year.
- Application Submission: Applications must have been submitted before the official deadlines.
- Eligibility Status: Your application must be marked as “Eligible Not Paid” or “Paid” on the Alaska Department of Revenue portal.
If you met these requirements but haven’t received your payment yet, your check might be part of the final processing round in December.
How to Claim the Payment
Follow these steps to ensure you receive your $1,312 PFD check:
- Verify Your Status: Visit the Alaska Department of Revenue’s PFD Division portal. Use your personal details to log in and check your application status. If it says “Eligible Not Paid,” your payment is scheduled for December 15.
- Correct Banking Information: Ensure your direct deposit details are accurate. Incorrect or outdated banking details can delay payments.
- Contact the Department of Revenue: If your status is unclear or your payment is delayed, reach out to the PFD Division directly for assistance.
What About the 2024 Check?
In addition to the remaining 2023 payments, Alaska has already approved the 2024 PFD amount of $1,702. This payment is separate from any outstanding 2023 checks. If you applied on time and meet eligibility requirements for 2024, your payment should be issued soon or may have already been distributed.
Factors Affecting PFD Payments
Several factors influence the amount and timing of PFD payments:
- Revenue Fluctuations: Payments depend on the state’s natural resource revenue, primarily from oil production.
- Application Volume: In 2023, over 8,000 additional applications caused slight delays in processing.
- Eligibility Numbers: Funds are distributed among all eligible recipients, so the total number of applicants impacts individual payment amounts.
What to Do If You Haven’t Received Your Check
If you’ve applied and still haven’t received your payment:
- Check Your Application Status: Ensure your application is complete and marked as eligible.
- Update Your Details: Correct any errors in your personal or banking information through the PFD portal.
- Contact the PFD Division: Provide your application reference number when calling to expedite the resolution.
Tax Implications of PFD Payments
Keep in mind that PFD checks are subject to federal taxes. You’ll need to report this income on your federal tax return. The Alaska Department of Revenue’s tax identification number is 92-6001185, which may be needed for tax purposes.
The Impact of the PFD Program
For many Alaskan families, the PFD is more than just a yearly bonus—it’s a lifeline. The funds are often used to cover essential costs like heating, groceries, and transportation, especially in rural areas where living expenses are significantly higher. Beyond individual benefits, the program bolsters the state’s economy, distributing wealth generated from Alaska’s natural resources back to its residents.
Looking forward, Alaska aims to improve the efficiency of the program, ensuring all eligible residents receive their payments on time and transparently.
