The Alaska Department of Revenue has officially confirmed the 2024 Permanent Fund Dividend (PFD), which this year comes with an added bonus—literally. Eligible Alaskans are set to receive $1,702, combining the annual dividend with a one-time energy relief payment.
With inflation and energy costs continuing to climb, this payout couldn’t come at a better time for many families. Whether you’re a long-time resident or newly qualified, here’s a breakdown of how much you can expect, who qualifies, and when payments are set to roll out.
Amount: What’s Included in the $1,702 Stimulus Check?
The total payout of $1,702 in 2024 is made up of two components:
| Component | Amount |
|---|---|
| Permanent Fund Dividend (PFD) | $1,403.83 |
| One-Time Energy Relief Payment | $298.17 |
| Total | $1,702 |
This year’s amount is approximately $400 more than the 2023 payout. The increase is largely thanks to surplus oil revenue and favorable state budget conditions. The one-time energy relief payment is specifically meant to help Alaskans offset high energy costs, which have been a growing burden across the state.
Eligibility: Who Qualifies for the $1,702 Payment?
To be eligible for the 2024 PFD and energy relief payment, you must meet the following requirements:
- Be a resident of Alaska for the entire calendar year of 2023.
- Intend to remain an Alaskan resident indefinitely.
- Not have been convicted of a felony or incarcerated for certain misdemeanors during the qualifying year.
- Have filed an application during the official application period (typically January–March).
- Meet all other criteria outlined by the Alaska Permanent Fund Dividend Division.
If you submitted your application on time and were approved, you’re likely among those receiving this year’s benefit.
Payment Dates: When Will You Receive Your Check?
The Alaska Department of Revenue began distributing the 2024 PFD on October 3 for those who selected direct deposit. If you opted for a paper check, expect it to arrive later in October.
Here’s a quick payment breakdown:
| Payment Method | Estimated Delivery Date |
|---|---|
| Direct Deposit | Began October 3, 2024 |
| Paper Check | Mid to Late October 2024 |
To track your payment status, you can log in to the official PFD website and use the “Check My Status” tool.
Why the Higher Payout in 2024?
Several factors contributed to this year’s increased dividend:
- Surplus oil revenue: Higher oil production and prices led to more money flowing into state reserves.
- Strategic budget decisions: Lawmakers allocated a portion of the surplus for dividend enhancement.
- Energy relief focus: The $298.17 bonus aims to help residents manage increased heating and utility costs.
While Governor Mike Dunleavy had proposed using the traditional formula for a much larger payout (around $3,500), lawmakers opted for a more conservative approach to avoid a projected $1 billion budget shortfall.
Tax Implications: What You Should Know
Here’s how the IRS views your PFD in 2024:
- Standard PFD ($1,403.83): This portion is taxable at the federal level and must be reported on your income tax return.
- Energy Relief Payment ($298.17): This amount is expected to be tax-exempt, as it is classified as a relief payment, not income.
As always, it’s a good idea to speak with a tax professional or use software that accounts for Alaska-specific benefits to stay compliant.
Final Thoughts
The $1,702 PFD plus energy relief is more than just a check—it’s a reflection of Alaska’s commitment to sharing its natural resource wealth with its residents. With rising living and energy costs, this payment provides meaningful support at a crucial time.
If you’re eligible and applied on time, all that’s left to do is check your bank account (or mailbox) and make smart use of your dividend.
