The Permanent Fund Dividend (PFD) is reported to Alaska residents on Form 1099-MISC. In addition to the PFD, the payment may include a portion designated as Energy Relief. Only the PFD is taxable for federal purposes.
Each year the Alaska DOR publishes the amount of the payment residents will receive for the year, including any portion designated as the energy relief payment.
In TaxSlayer ProWeb, you won't enter this payment in the 1099-MISC menu. Rather, you'll enter it directly in Schedule 1.
To report the Alaska PFD in TaxSlayer ProWeb, from the Federal Section of the tax return (Form 1040) select:
- Income
- Other Income
- Other Income - Select "Alaska Permanent Fund Dividend" in the drop down menu. Enter the full amount reported on Form 1099-MISC. For a return being filed MFJ, indicate whether the entry is for the taxpayer or spouse, based on the Recipient ID on the 1099-MISC.
When finished, click Continue.
If the payment includes a portion designated as an energy relief payment, stay in the same menu and enter it as follows:
- Click + Add an Other Income Item
- If the return is being filed MFJ, indicate whether the entry is for the taxpayer or spouse, consistent with the first entry.
- In the drop down menu select "Other Income".
- Description of other income - Enter a description, e.g., "PFD Energy Relief Payment".
- Amount of other income - Enter as a negative number the energy relief portion of the amount reported on Form 1099-MISC in Box 3.
When finished, click Continue.
Additional Information:
Alaska: Permanent Fund Dividend Taxability