With major drought hitting most of the Corn Belt, it's an appropriate time to refresh on the election to defer crop insurance proceeds one tax year. It seems simple, but there are a surprising number of details.
THE ALL-OR-NONE RULE
Many producers will receive multiple payments on private crop insurance on top of record prices for the crops they did harvest. Any crop insurance deferral election must cover all proceeds received within the year of the disaster. It is not possible to defer a portion or to be selective among different payors.
PAST DEFERRAL PATTERN
To be eligible to make ...