1702 Stimulus Payment Eligibility: Who could be getting this payment in October?
The Alaska Department of Revenue has announced the payment schedule for the state’s Permanent Fund Dividend (PFD), with eligible residents set to receive a $1,702 payout. But what exactly is the PFD, and when will the payments be made?
What is the Permanent Fund Dividend (PFD)?
The Permanent Fund Dividend (PFD) is an annual payment that offers a share of Alaska’s natural resources to residents who meet specific eligibility criteria. For 2024, the payment includes a one-time energy relief payment to bring the total amount to $1,702. This payment is intended to provide financial assistance ahead of the colder months, as well as upcoming holidays such as Thanksgiving and Christmas.
When Will Alaskans Receive Their PFD Payment?
Residents who filed electronically and opted for direct deposit can expect to receive their payment no later than Thursday, October 3, 2024, as long as they are classified as “eligible-not paid” as of September 20, 2024. Eligible applicants can check their status by logging into the myPFD portal on the State of Alaska: Department of Revenue website. It’s important to note that the Department of Revenue will never request password changes via text message/SMS or email.
Eligibility Requirements for the PFD
To be eligible for the PFD, residents must meet the following criteria:
Residency Requirements:
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- Must have been a resident of Alaska for the entire 2023 calendar year (January 1 – December 31).
- Must intend to remain a resident of Alaska indefinitely as of the application date.
- Should not have claimed residency or benefits from any other state or country since December 31, 2022.
Criminal History:
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- Must not have been sentenced for a felony offense during 2023.
- Must not have been incarcerated for a misdemeanor at any time during 2023 if they had a prior conviction for two misdemeanors or a felony since January 1, 1997.
Physical Presence in Alaska:
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- Must have been physically present in Alaska for at least 72 consecutive hours in either 2022 or 2023.
- If absent from the state for more than 180 days, the absence must be considered allowable.
What This Means for Alaska’s Economy
According to Department of Revenue Commissioner Adam Crum, this marks the 43rd year that Alaskans have received their share of the state’s natural resources and investment earnings. The 2024 PFD is expected to create economic opportunities across local communities, providing a significant cash injection to residents as energy costs and inflation continue to rise.
If you’re eligible, make sure to check your status and take advantage of this financial boost as the colder months and holiday season approach.
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