Jerry
Alaskans are set to receive a big payout—$1,702 each—through the 2024 Permanent Fund Dividend (PFD), as confirmed by the State of Alaska. Contrary to rumors, this payment is not from the IRS but directly from the state’s own oil-funded sovereign wealth program.
The payout includes a $1,440 base dividend and a $262 energy-relief bonus to help residents cope with high heating costs.
If you’re one of the thousands waiting for this boost, here’s everything you need to know about eligibility, payment dates, and how to make the most of your check.
What Is the $1,702 Payment?
The $1,702 payment is Alaska’s 2024 Permanent Fund Dividend, boosted by an energy-relief bonus due to rising fuel prices.
It’s not a federal stimulus but a state-based benefit funded by North Slope oil royalties. The Permanent Fund, created in 1976, invests oil revenue and returns a portion to residents annually.
This year’s payout is the largest since 2022, representing a 30% increase over 2023. It combines:
- $1,440 base dividend
- $262 energy-relief supplement
Payment Schedule for the $1,702 Relief Check
The distribution of the $1,702 relief payment happens in two waves, depending on your PFD application status.
| Payment Date | Who Will Receive It | Method |
|---|---|---|
| July 17, 2025 | Those marked “Eligible – Not Paid” as of July 9, 2025 | Direct deposit or mailed check |
| August 21, 2025 | Applicants approved between July 10 and August 13, 2025 | Direct deposit or mailed check |
Direct deposits typically arrive before noon Alaska time, while paper checks are mailed on the same day from the state treasury.
Who Qualifies for the $1,702 Check?
To receive the 2024 PFD and energy bonus, applicants must meet strict residency and conduct requirements.
Eligibility Criteria:
- Must have lived in Alaska every day in 2023
- Cannot have been absent more than 180 days unless for approved reasons
- No felony convictions during the qualifying year
- Cannot have claimed residency in another state
- Must have applied before the March 31, 2024 deadline
Applicants can check their payment status on the PFD portal. If your status reads “Eligible – Not Paid” and you were approved by July 9, your money is on the way.
Why the Amount Increased by 30%
The increase in global crude-oil prices in 2024 significantly swelled Alaska’s Permanent Fund earnings. Lawmakers responded by tacking on a $262 energy relief bonus to the traditional PFD.
Although still below the $3,284 record payout from 2022, this year’s dividend reflects the volatility—and opportunity—tied to oil markets.
Is the $1,702 Relief Check Taxable?
Yes, but only at the federal level. While Alaska has no state income tax, recipients must report the full $1,702 on their 2025 federal income tax return.
You’ll receive a 1099-MISC form in January 2026, so it’s recommended to set aside 10–12% (depending on your tax bracket) to avoid surprises during tax season.
Smart Ways to Use Your Relief Money
According to financial advisors in Alaska, the 50/30/20 rule offers a practical framework to use this one-time boost:
| Category | Suggested Use |
|---|---|
| 50% – Essentials | Stock up on winter necessities like heating oil or wood |
| 30% – Debt | Pay down credit card or utility debt, especially with APRs above 20% |
| 20% – Savings | Add to emergency fund or a child’s 529 education savings plan |
Pro Tip: To avoid splurging, split the deposit into two accounts—one for bills and one for goals—on the day it lands.
Other Financial Updates for Alaskans
The good news doesn’t end with the dividend. As of July 2025, Alaska’s minimum wage rose to $13/hour, a $1.09 increase. That means:
- 20,000+ workers now earn more
- A full-time worker stands to earn around $925 more annually
While modest, it pairs well with the dividend to provide meaningful economic support.
The $1,702 Alaska relief check is more than just a windfall—it’s a reflection of the state’s unique relationship with its natural resources.
Funded by oil royalties and managed through the Permanent Fund, this payment is targeted, meaningful, and timely. Whether you’re facing rising heating costs or just trying to stay financially afloat, this annual payout is a lifeline for many residents.
Just remember: it’s not from the IRS, and it is taxable federally. Plan your finances wisely, follow the payment schedule, and use your money to build a stronger financial future—whether that means heating your home, paying off debt, or securing your family’s savings.
FAQs
Is the $1,702 check from the IRS?
No. The money comes from Alaska’s Permanent Fund and is administered by the state government—not the IRS.
Is the payment taxable?
Yes, federally. Recipients will receive a 1099-MISC in January 2026. Set aside 10–12% for taxes.
When will I receive the money if I’m eligible?
Either July 17 or August 21, depending on your approval status in the PFD portal. Direct deposits usually land before noon.