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December 2022
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We all know that the cost of living in Alaska is high. But did you know that there’s a program in place that gives residents of the state up to $2,000 per year, just for living there? It’s true! The Permanent Fund Dividend program was established in 1976 to share the wealth generated by Alaska’s natural resources with its residents. Every Alaskan who has lived in the state for at least one calendar year is eligible to receive the dividend, which is distributed evenly among all qualifying applicants. In this blog post, we’ll meet one person who is taking advantage of this program and learn more about how it works.
What is the Permanent Fund Dividend? The Permanent Fund Dividend is a program that provides residents of Alaska with an annual payment from the state's oil and gas reserves. The dividend is calculated based on a formula that takes into account the average market value of the fund's assets over a five-year period. To be eligible for the dividend, residents must have lived in Alaska for at least one calendar year as of January 1st of the year in which they plan to apply. They must also have been physically present in the state for at least 180 days during that same 12-month period. Applications for the dividend are available online and must be submitted by March 31st. Payments are typically made in October of each year. Alaska is the only state in the US that has a program like this, making it a unique place to live. For many residents, the dividend provides much-needed financial assistance and helps to offset the high cost of living in the state. How to Qualify for the Permanent Fund Dividend To qualify for the Permanent Fund Dividend (PFD), you must have lived in Alaska for at least one calendar year (January 1-December 31) as a permanent resident. You must also be physically present in the state for at least 182 days of the qualifying year. There are a few exceptions to this rule, such as being away from the state due to active military service, studying full time outside of Alaska, or being incarcerated. If you meet the basic eligibility requirements, you must also file an annual application and provide proof of your residency and income. The PFD is not available to non-residents or those who are considered "temporary" residents, such as students or workers on Temporary Assignment Protective Status (TAPS). The PFD is paid out each October and is based on eligible Alaskans' qualifying incomes from the previous tax year. To qualify for the maximum PFD amount, you must have reported at least $1,042.23 of taxable income on your most recent tax return. What Are the Pros and Cons of Living in Alaska? Alaska is a unique state with many pros and cons. On the plus side, the state offers breathtaking scenery, an abundance of wildlife, and endless outdoor recreational opportunities. It's also relatively isolated from the rest of the country, which can be a pro or a con depending on your perspective. On the downside, Alaska is cold and dark for much of the year, and it can be difficult to find work outside of the major cities. If you're considering moving to Alaska, it's important to weigh all of the pros and cons carefully before making a decision. There's no right or wrong answer - it's ultimately up to you to decide whether the pros outweigh the cons or vice versa. How to Prepare for Life in Alaska If you're thinking about moving to Alaska, there are a few things you should know in order to be prepared for life in this state. First, the cost of living is high in Alaska due to the remote location and lack of competition. This means that groceries and other necessary items will be more expensive than what you're used to. You'll also need to factor in the cost of housing, which can be difficult to find and extremely expensive. The weather is another important factor to consider when preparing for life in Alaska. The winters are long and dark, with temperatures often dipping below zero. You'll need to make sure you have warm clothing and a place to stay that is well-insulated against the cold. Summers are brief but can be very sunny and beautiful. However, they can also bring extreme weather conditions like wildfires or flooding. Be prepared for a lifestyle change when moving to Alaska. There are fewer people and opportunities here, so you'll need to be self-sufficient and independent. This includes being able to cook your own meals, clean your own house, and entertain yourself without relying on others. But it also means that you'll have more time to enjoy the state's stunning natural beauty and incredible wildlife. Conclusion It's easy to see how this person is living in Alaska and getting free money forever, but it's important to remember that not everyone has the same opportunities. While this person is taking advantage of a government program, others may not be so lucky. Still, it's inspiring to see someone making the most of their situation and using their resources to live a comfortable life. We can all learn a lesson from this person on how to make the most of what we have. Read More
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