2023 PFD Payments Set to be Deposited Early in October

2023-pfd-payments-set-to-be-deposited-early-in-october

The first deposits of the 2023 Permanent Fund dividend will be made on October 5, providing Alaskan bank accounts with their yearly boost.

The full 2023 PFD will be taxable income, unlike the 2022 payment, which also included a nontaxable energy refund. 

Taxpayers must complete a 1099-MISC tax form, which may be found under the myPFD portal on myAlaska, to declare the PFD as income.

On the first day of a special session in May, the Alaska Legislature passed a state budget that permits a $1,300 payout from the Permanent Fund dividend in 2023. 

There have been no modifications to that sum notified by the Permanent Fund Dividend Division.

Read Also: Louisiana Weighs Suspending Gas Taxes to Provide Relief to Drivers

Date of Payments

2023-pfd-payments-set-to-be-deposited-early-in-october
The first deposits of the 2023 Permanent Fund dividend will be made on October 5, providing Alaskan bank accounts with their yearly boost.

The 2023 PFD will be deposited directly into applicants’ accounts on October 5 if they submitted an electronic application by September 21 and chose direct deposit; also, they must have applications with the status “Eligible – not paid” on their myAlaska accounts. 

Applications with a “Eligible – not paid” status from 2022 or earlier will likewise be paid out by electronic direct deposit on that day.

The delivery of physical checks to recipients who have not provided direct deposit information will occur two weeks after that of electronic payments.

Checks and payments for 2022 that have not yet been made will be given out on October 26.

The PFD application’s Aug. 31 deadline for updating residences and banking details was missed. Changes made after that time may cause your payment to be delayed until October 26.

Logging onto the myPFD portal on myAlaska is the quickest way to amend PFD applications or give the department current information. 

Users who need to submit a paper form can do so in person at a PFD office; updates to that information cannot be done over the phone; they must be made in person or online.

The state reports that certain myAlaska users have received texts asking them to reset their passwords. The texts claim to be from the administrator of the state website. 

Another PFD?

A budget clause asks for an additional payment in 2024 if the price of oil produced in Alaska is higher than the expected price of $73 per barrel. 

If that happens, the money will be split equally between the state and anyone who qualifies for PFDs, with a $500 maximum payment.

Since the daily price of a barrel has fallen below the $73 dollar mark only eight times this year, the likelihood of receiving that second payment currently seems strong. 

However, fluctuations in crude oil prices could modify that outlook.

Read Also: Reasons Why Seniors Should Secure Long-Term Care Insurance Today

Source: Alaska’s News Source

Leave a Reply

Your email address will not be published. Required fields are marked *