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How to Handle Crop Insurance Proceeds and Farm Program Payments on Your Taxes

Summary

Tax season is upon us and hopefully you have taken all your documents to your accountant. In 2015, some of you may have received an Agriculture Risk Coverage (ARC) County payment or a Price Loss Coverage (PLC) payment, depending on the Farm Bill program you elected to participate in. Some of you may have also received an indemnity payment from 2015 crop insurance coverage. Many of you may be curious; can you defer these payments to 2016? The answer will depend on the program.