Alaska residents can look forward to receiving $1,702 in early 2025 as part of the state’s Permanent Fund Dividend (PFD) program. This yearly payment, funded by Alaska’s oil and gas revenue, is a financial boost for residents, especially with rising costs of living and energy. Here’s what you need to know.
When Will Payments Be Sent?
The Alaska Department of Revenue has announced the following payment dates:
- January 16, 2025: For applicants who are deemed “Eligible-Unpaid” by January 8, 2025.
- February 20, 2025: For those whose applications reach “Eligible-Unpaid” status by February 12, 2025.
Who Qualifies for the Payment?
To receive the $1,702 dividend, applicants must meet these criteria:
- Residency: You must have lived in Alaska for the entire qualifying year (2024) and intend to remain indefinitely.
- Absences: Being out of the state for more than 180 days could affect your eligibility, unless the absence falls under exceptions like military service, education, or medical care.
- Criminal Record: Certain felony convictions or incarcerations for misdemeanors during 2024 disqualify applicants.
- Timely Application: You need to apply between January 1 and March 31, 2025.
How to Apply
Applying for the PFD is straightforward:
- Visit the Portal: Applications open on January 1, 2025, via the myAlaska website.
- Fill Out the Form: Provide accurate details, including proof of residency and any required documents.
- Submit On Time: Ensure your application is submitted by March 31, 2025. Late submissions won’t be accepted.
- Check Your Status: Use the myPED portal to track your application.
Breakdown of the Payment
The $1,702 payment includes:
- Base Dividend: $1,403.83 per eligible resident, drawn from the earnings reserve of the Permanent Fund.
- Energy Relief Payment: An additional $298.17 to help with higher energy costs during Alaska’s harsh winters.
Important Details
- Direct Deposit: Ensure your bank details are accurate to receive payments quickly.
- Paper Checks: Opting for a physical check? Add extra time for mailing.
- Taxes: The PFD payment is generally subject to federal taxes, so consult a tax professional for guidance.