The 2024 Alaska PFD includes $298.17 energy relief credit. Is this portion non-taxable?

Forum|Forum|1 year ago
January 29, 2025
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T

TaxGuyBill

Level 15

I don't have an official source, but both TurdoTax and TaxSlayer seem to indicate that portion is not taxable.

HOWEVER, that could be based on old information from the tax-free state Covid help (Alaska also has the energy rebate in 2022, which qualified to be tax-free).

https://ttlc.intuit.com/turbotax-support/en-us/help-article/state-taxes/enter-alaska-energy-relief-payment-turbotax/L2aNN8VPU_US_en_US

https://support.taxslayerpro.com/hc/en-us/articles/8772996566042-Alaska-Permanent-Fund-Dividend-Taxability

B

BCK1

Level 2

The $298.17 for energy relief is non taxable income for 2024

O

o_mannetje

Level 2

From the IRS: The 2024 Publication 525 has been revised to clarify that Alaska taxpayers must report the entire 2024 Alaska Permanent Fund Dividend payment amount, to include the energy relief payment portion. The entire $1,702 Alaska Permanent Fund Dividend payment for 2024 is taxable for federal income tax purposes and should be reported as income on Schedule 1 (Form 1040), line 8g.

link to IRS clarification:

https://www.irs.gov/forms-pubs/clarification-about-alaska-permanent-fund-dividends