Corn field at sunsetWith a likelihood of increased crop insurance claims for the year ahead, farmers should take time to brush up on insurance proceeds deferral rules. Those who typically sell more than 50% of their crops after the year of harvest can defer insurance proceeds to the following year, but only the proceeds related to yield not revenue protection. WHIP+ payments are considered like crop insurance payments in the tax code, but since the damage being reimbursed relates to events prior to 2021, those proceeds are not considered deferrable. As always, refer to your tax professional for final rulings and your specific operation. Read more deferment rules.