Buy 1,429 shares in this ASX 200 stock for $1,000 in passive income in 2024

An extra $1,000 of passive income in time for the 2024 Christmas holidays would certainly come in handy.

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If you're like me, $1,000 of extra passive income landing in your bank account in 2024 would sure be helpful.

Not life-changing, mind you. But it would certainly come in handy for the 2024 Christmas holiday season.

Fortunately, there are a number of high-quality S&P/ASX 200 Index (ASX: XJO) shares to choose from that pay fully franked dividends. This should enable me to hold onto more of those dividends come tax time.

Now, if I were out to build a proper passive income portfolio, I'd look at investing in a range of (say 10) ASX 200 dividend stocks operating across a variety of sectors. That kind of diversity will lower my overall investment risk.

Drilling down to just a single income stock to deliver my $1,000 of dividends, I'd target ASX 200 coal share New Hope Corp Ltd (ASX: NHC).

Harvesting passive income from this ASX 200 coal share

Before digging into some numbers, do note that the dividend yields you generally see quoted are trailing yields. Future yields may be higher or lower, depending on a range of company-specific and macroeconomic factors.

In New Hope's case, the coal price has a major impact on the company's profits, and therefore its passive income streams. Coal prices have come off the boil this year, but remain above historic levels, which should support New Hope's 2024 revenues and profits.

With that said, New Hope shares delivered a fully franked interim dividend of 40 cents per share on 3 May. The final dividend of 30 cents per share landed in eligible investors' bank accounts earlier this month, on 7 November.

That comes out to a full-year payout of 70 cents per share.

The New Hope share price closed up 1.3% on Friday at $5.39. That means shares in the ASX 200 coal stock trade at a fully franked yield of 13%.

Very tidy!

It also means for my $1,000 of passive income in 2024, I'd need to buy 1,429 shares today. This would require an investment of $7,688.

And, of course, I'll be hoping that by the time 2024 comes to a close the New Hope share price will have marched higher as well.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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