If you applied online and selected direct deposit, your dividend will be deposited in the first distribution on October 3 . If you completed a paper application and selected a paper check, checks will be distributed by the PFD Division October 24 .
Each Alaska resident will receive a $1,606 Permanent Fund dividend this year, Alaska Gov. Mike Dunleavy’s administration announced Friday. The payment will be split between 631,000 recipients, and it’s each person’s share of the $1.013 billion that the state Legislature budgeted for dividends.
This year’s Alaska Permanent Fund dividend will be $992 , the Alaska Department of Revenue said in a written statement on June 12. While state legislators and Gov. Mike Dunleavy referred to a “thousand-dollar dividend” this year, lawmakers didn’t set a precise amount.
Information. Your PFD can only be garnished to pay a child support arrearage, a tax debt, or a judgment. Creditors can only garnish your PFD if they have been to court first and have won a judgment against you.
The Alaska Department of Revenue has finalized the 2020 dividend amount at $992 . While the PFD is normally distributed in October, Gov. Mike Dunleavy made the decision to distribute checks starting July 1 in light of the economic impacts of the COVID-19 pandemic.
Alaska . Alaska runs a program called the Alaska Permanent Fund, which, per the state website, allots an equal amount of the state’s oil royalties to every resident through an annual dividend. In 2018, that dividend came out to $1,600 per person.
The lowest individual dividend payout was $331.29 in 1984 and the highest was $2,072 in 2015. However, in 2008 Governor Sarah Palin signed Senate Bill 4002 that used revenues generated from the state’s natural resources and provided a one-time special payment of $1,200 to every Alaskan eligible for the PFD.
Taxpayers report the PFD payments as “other income” on Line 21 of Form 1040, Line 13 of Form 1040A or Line 3 of Form 1040EZ. The PFD payments are added to your other ordinary income from work and other sources. The federal income tax rate applied to a PFD payment will depend on your total income from all sources.
Each year, the Internal Revenue Service establishes a threshold for unearned income received by a minor child ; if your child’s unearned income exceeds the threshold, she is required to file a tax return. The PFD is considered unearned income, as it is derived from interest and dividends instead of employment.
A person must spend at least 30 cumulative days in Alaska during the past five years. Military spouses and dependent children who are absent from Alaska due to only active duty military assignments (such as a PCS) must be accompanying an eligible Alaska resident in order to themselves maintain eligibility for a PFD .
Alaskans have until March 31st to submit their application for this year’s PFD .
Before the pandemic, the Fund had roughly $67.9 billion but as of May 31, the latest date reported by the Alaska Permanent Fund Corporation, the Fund was worth $63.7 billion.