HUNDREDS of thousands of Americans can expect to receive payments totaling $1,702 this October.
It’s that time again for eligible Americans to receive payouts from the 2024 Permanent Fund Dividend (PFD), benefiting over 624,000 people.
The highest payment made to individuals came in 2022 with $3,284[/caption]
Alaska’s Department of Revenue will issue two disbursements, with the first beginning on October 2.
Those eligible to receive payments on October 2 are ones who filed online and selected direct deposit for their payment.
Recipients who filed by paper or chose to receive payment in a paper check will have payments issued on October 23.
Applications who have the “Eligible-Not Paid” status on November 12 will have payments distributed roughly a week later on November 20.
In order to be eligible for the Alaska PFD, you must be a resident of the state for a minimum of one calendar year.
A resident eligibility is defined as someone who is “physically present in the State with the intent to remain in the State indefinitely and to make a home in the State.”
It is also required that you did not claim residency in another state or country since December 31, 2023.
Eligibility further requires an individual to be present in Alaska for a minimum of 72 consecutive hours at any point during 2023 or 2024. You also cannot be out of the state for over 180 days.
The total disbursed amount for the 2024 dividend year comes in at over $1 billion, a nearly 130% increase from 2023.
Since 1982, there has been over $31 billion disbursed to Alaska residents.
The highest payment made to individuals came in 2022 with $3,284.
This year’s payment consists of an energy relief bonus of $298.17. The remaining $1,403.83 comes from the base benefit.
Applications for participation open January 1 and continue through March 31. Any applications filed after March 31 will be rejected.
FOLLOW THE RULES
Applications are open for children and adults. An eligible sponsor must have an application on file prior to the issuing of the dividend for the child to be eligible.
The dividend does have eligibility exceptions. If you were sentenced or incarcerated due to a felony conviction during the qualifying year, you are ineligible to apply.
The ineligibility also extends to those “incarcerated at any time during 2024 as the result of a misdemeanor conviction in Alaska if convicted of a prior felony or two or more prior misdemeanors since January 1, 1997.”
WHEN SOCIAL SECURITY PAYMENTS ARE MADE
Social Security payments are issued on the second, third, or fourth Wednesday of each month based on the recipient’s birthdate:
- Second Wednesday: For individuals born between the 1st and 10th of the month
- Third Wednesday: For those born between the 11th and 20th
- Fourth Wednesday: For those born between the 21st and 31st
Applicants are able to check the status of their application through the state’s “myPFD” website.
An application may require review to look more closely at an individual’s activities and residency during a qualifying year.
Of the 666,213 applications received for the 2024 dividend, only 624,489 have been paid.
The Permanent Fund was added to the Alaska Constitution in 1976, with its first legislation enacted in 1980, providing adult Alaska residents $50 for every year of residency in the state since 1959.
The program has gone through several changes over the years, including adjustments to residency qualifications.
