How Do I Report Farming Income?
Indeed, the department notes that the top five earnings years out of the past 30 have occurred since 2004.” The most recent numbers, however, are not as rosy. Net farm income for 2018 is predicted to be the lowest since 2009, down to $59.5 billion, a $4.3 billion decrease from 2018. Yearly Farm Subsidy Payments
How does the USDA calculate net farm income?
Net farm income (NFI) reflects income after expenses from production in the current year and is calculated by subtracting farm expenses from gross farm income. NFI considers both cash and noncash income and expenses. Inflation-adjusted net farm income is forecast to increase 1.4 percent in 2020, to $96.7 billion.
