Crop Insurance claim information

I am including three links:

1.  An RMA Q&A about crop insurance and the drought.  You will find many of the questions don't pertain, but at  least the first few will be of interest.  Claims for potential high dollar claims have been turned in due to the potential audit requirements of your yield history. 

 

As to when to file a claim.  For this year, please notify me when you BEGIN harvest. Unless you tell me otherwise, the claim will be for both corn and beans.   Technically, a claim must be filed within 72 hours of completing the harvest on one unit.  If you are under enterprise units, it is 72 hours after harvesting the entire crop.  Under basic or optional units, it would be when you finish that unit--even a 5 acre field! 

 

 

The following two links should provide enough information to ask you tax preparer the right questions concerning deferral of crop insurance proceeds.  After my last note, it was pointed out that there is question as to whether the revenue portion (that part attributable to the revenue price in the fall) of the claim can be deferred. The first is the IRS missive, the second is from Iowa State and gives good examples of the issue.

 

 

 

As always, call if you have any questions!!!

 

Steve Francis