The Alaska Permanent Fund Dividend is that special money available with all of its residents from the oil revenues of the state. While debate is on about the possibility of sending a $3,200 stimulus check through a PFD program, find out what it takes in terms of eligibility and application for approval of this annual dividend.
Overview of the Alaska Permanent Fund Dividend
The Alaska Permanent Fund was established in 1976 to manage surplus revenues from its oil and gas reserves. The major purpose for the creation of this fund has been to ensure that its natural resources benefit the people of Alaska. As such, people who would be found qualified to receive dividends would have their earnings come from the fund. Historically, these earnings range from several hundred to several thousand dollars.
In one recent proposal, for instance, Gov. Mike Dunleavy proposed a Dividend amount of more than $3,000 per eligible resident for 2024, a figure based on a formula that has not been followed since 2016. The actual amount will have to be decided by the state legislature and could change depending on the flow of the state’s budget.
Eligibility for the Alaska PFD
Below are the qualifications for receiving the stimulus check through the Alaska Permanent Fund Dividend, as stipulated by the state. Here are the main ones:
- Residency: Applicants will be required to have been residents of Alaska for all of calendar year 2023. That would be considered excluding claims of residency in another state or country during this period.
- Intent to remain: Applicants must establish that they intend to remain in Alaska and must do so at the time of application .
- Criminal history: An individual who has been convicted of a felony and sentenced for that conviction in 2023, or was incarcerated at any time in 2023 for felony charges is not eligible for assistance. Incarceration for certain misdemeanors may also serve as a bar to assistance if prior felony convictions exist.
- Absence from state: An applicant that has been absent from Alaska for more than 180 days during 2023 must have been on an allowable absence, which shall include military service, educational pursuits, among others.
- Physical presence: An applicant must have been physically present in Alaska for at least 72 consecutive hours at some point during either 2022 or 2023.
Application process
The PFD application is usually available from January 1 to March 31 annually. Alaskans can apply online on the official website of the PFD or mail the paper application at one of several distribution centers throughout Alaska. If you’re in Alaska, you could also be eligible for a Gas Stimulus Check. Click here to read on it.
Application steps-precautions required
- Collect required documents: First-time applicants may need to show identification documents such as a birth certificate or passport.
- Full application: The application form should be duly filled out, making sure that all the criteria set for eligibility are met.
- Before the deadline: For being considered for that year’s dividend, applications must be submitted by March 31 at 11:59 PM.
- Follow-up: Once applied, one can either go online to check on the status or call PFD offices in case of any questions.
Financial implication of receiving the PFD
Receiving $3,200 in the form of a stimulus check through the PFD may be very keying for Alaskan residents in consideration of their finances. It pays key expenses like housing, education, and healthcare. It may also serve as an opportunity for people to save or invest in their future.
Tax considerations
The PFD is considered federal taxable income in nature. As such, recipients will need to declare this income on their taxes.
