Residents of one U.S. state are about to receive a $1,702 check after a royalty fund confirmed it is prepared to disburse payments this week.
The Permanent Fund Dividend is distributed to Alaskans who have lived in the state for an extended period. This beneficial payment originates from “investment earnings of mineral royalties,” as stated on the state’s official website. It elaborates: “The annual payment enables Alaskans to partake in a fraction of the state’s mineral revenue in the form of a dividend that benefits both current and future generations.”
This year, the dividend is set at $1,702, significantly higher than last year’s amount of $1,312. There are various requirements that residents must meet to be eligible for these funds, including being an Alaska resident for the entirety of the 2024 calendar year and showing an “intent to remain an Alaska resident indefinitely.”
READ MORE: Social Security recipients may receive a check worth $495.
READ MORE: Three criteria for Social Security to ensure retirees continue receiving their payments.
Applicants must also not have “claimed residency in any other state or country or received benefits as a result of a claim of residency in another state or country at any time since December 31, 2023.”
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Furthermore, the law stipulates that applicants cannot have been “sentenced due to a felony conviction during 2024” or “incarcerated at any point during 2024 as a result of a felony conviction.” They will also not be eligible if they have been “incarcerated at any point during 2024 due to a misdemeanor conviction in Alaska, if they have a previous felony conviction or two or more prior misdemeanors since January 1, 1997.”
Genevieve Wojtusik, the fund’s Division Director, expressed: “Our mission is to administer the Permanent Fund Dividend program, ensuring all eligible Alaskans receive their dividends on time, that fraud is prosecuted, and that all stakeholders are treated with respect.” Some applicants will receive their payments on March 20, while others will get theirs on April 17 and May 15, according to the state’s website.
However, the state cautions that dividends for adults are subject to federal income taxes. Additionally, it notes, “Depending on the amount of the dividend, your child’s dividend may also be taxable.” It adds: “Even if part or all of your dividend was garnished, the entire amount must be reported as taxable income. Failure to report the PFD [Permanent Fund Dividend] on your federal income tax return may result in a negligence penalty or other sanctions.”
This news arises as a prominent organization representing senior citizens suggested that Social Security recipients should receive an additional $495 payment. The Senior Citizens League proposed that the one-time payment could be drawn from the funds typically collected by the government from overpayments each year. This proposal comes in the wake of the Trump administration’s announcement of a new policy aimed at enhancing the Social Security Administration’s efforts to recover excessive benefits.
The organization stated that this payment would assist seniors following a lower-than-anticipated Cost of Living Adjustment (COLA) in 2026. A spokesperson for the group commented: “If the government fully recovers its overpaid benefits balance, it could issue checks to seniors worth an estimated $495, based on a TSCL analysis.”
