$1,312 Permanent Fund dividend payments coming in early October

$1,312 Permanent Fund dividend payments coming in early October
Published: Sep. 15, 2023 at 3:10 PM AKDT|Updated: Sep. 21, 2023 at 5:50 PM AKDT
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ANCHORAGE, Alaska (KTUU) - The annual boost to Alaskan bank accounts is just around the corner — the first $1,312 payments of the 2023 Permanent Fund dividend will be deposited on Oct. 5.

Unlike the 2022 payment, which included an untaxable energy rebate, the entirety of the 2023 PFD will be taxable income. Taxpayers will need to complete a 1099-MISC tax form showing the PFD as income, which is available in the myPFD portal on myAlaska.

2023 PFD total

The Alaska Legislature approved a state budget on the first day of a special session in May that allows for a 2023 Permanent Fund dividend payment of $1,300 — later revised by the Department of Revenue to $1,312 total.

Payment dates

This year, the first to receive the PFD will be those who completed an electronic application — including all banking information for direct deposit — that has been approved for distribution prior to Sept. 21.

Applicants that completed an electronic application, requested direct deposit, and have applications with the status “Eligible - not paid” on their myAlaska account by Sept. 21 will receive their 2023 PFD by direct deposit on Oct. 5. Applications from 2022 or earlier that are in the “Eligible - not paid” status will also be disbursed that day by electronic direct deposit.

Recipients who have not provided direct deposit information will receive a paper check, but two weeks later than those receiving electronic payments. Checks will be distributed on Oct. 26, along with payments for 2022 that have not yet been issued.

Changes to info may delay payment

The deadline to update banking information and addresses on PFD applications passed on Aug. 31. Changes made after that date could delay your payment until Oct. 26.

The fastest way to update PFD applications or supply the department with updated information is by logging into the myPFD portal on myAlaska. Users who need to submit a paper form can do so at a PFD office, but not by phone — changes to that information can only be made in-person or online.

Account security

The state notes that some myAlaska users have received text messages requesting users to change their passwords and are purported to be from the state website’s administrator. But myAlaska does not send text message requests for password changes — only for confirmation codes when specifically requested by the user.

A second PFD?

A provision in the budget calls for an additional payment in 2024 if Alaska-produced oil prices exceed the projected value of $73 per barrel. If that occurs, the revenue will be split 50-50 with the state and PFD-eligible citizens, who will receive a payment capped at $500.

The chances for that second payment appear to be good so far — the daily value of a barrel has dipped below the $73 dollar threshold only eight times this year — but changes to crude oil prices could alter that prospect.