December 2024 $1,312 Stimulus Payment: Eligibility Requirements Explained

Alaska residents are preparing for the distribution of the Permanent Fund Dividend (PFD), which shares the state’s oil revenue profits with eligible individuals. If you qualify, here’s what you need to know about the upcoming payments and how to claim them.

What is the PFD?

The Alaska Permanent Fund was established in 1976 to manage the state’s oil revenues. Each year, a portion of these revenues is distributed to Alaska residents through the PFD program.

• Purpose: To share the wealth from Alaska’s natural resources with its residents.
• Managed By: The Alaska Permanent Fund Corporation.

Payment Amounts

• 2024: $1,312 per eligible resident.
• 2025: The payment increases to $1,702, benefiting roughly 600,000 residents.

Payment Schedule

PFD payments are based on the status of your application:

• December 2024: Payments will be issued on December 19 for applications marked “Eligible-Not Paid” by December 11.
• January 2025: Payments will be issued on January 16 for applications marked “Eligible-Not Paid” by January 8.

Also Read – Social Security Cuts: Growing Anxiety Among Retirees for 2025

Eligibility Requirements

To qualify for the PFD payment, you must meet specific criteria:

• Residency:
  • Be a registered resident of Alaska.
  • Have lived in Alaska for at least 12 consecutive months.
  • Intend to remain in Alaska indefinitely.
• Restrictions:
  • Must not have applied for residency in another state or country.
  • Cannot receive residency-related benefits from another state or country.
• Presence:
  • Have spent at least 72 continuous hours in Alaska within the last 24 months.
• Criminal History:
  • Cannot have been incarcerated for a felony in the last year.
  • Cannot have been incarcerated for a misdemeanor if you have a prior felony or two misdemeanors since January 1, 1997.

How to Apply

PFD applications open annually from January 1 to March 31. You must reapply each year for yourself and any eligible family members, including children.

Application Methods:

• Online: Submit your application through the PFD website.
• Mail: Download, complete, and mail your application.

Required Documents:

When applying, ensure you have the following:

• Proof of residency.
• Identification documents.
• Any additional information requested based on your circumstances.

Benefits of the PFD

The PFD helps stimulate Alaska’s economy by boosting spending and investment. With an increase in 2025, residents will receive a larger financial benefit, which can be used for various expenses or savings.

By staying up-to-date and ensuring you meet the eligibility criteria, you can receive your share of Alaska’s natural resource wealth.

Also Read – IRS Warns Millions: Don’t Forget These Key Documents for Your 2025 Tax Return

FAQs

• What is the 2024 PFD payment amount?
  The 2024 payment is $1,312 for eligible residents.
• When will PFD payments be made?
  Payments are scheduled for December 19, 2024, and January 16, 2025, based on application status.
• Who qualifies for the PFD?
  Alaska residents who meet specific residency and other criteria.
• How do I apply for the PFD?
  Apply online or by mail between January 1 and March 31 each year.
• Can children receive the PFD?
  Yes, applications must be submitted for all eligible family members, including children.