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The 2018 Farm Bill requires the implementation of an average AGI limitation for payment eligibility, ($900,000). This limitation provision applies to most programs administered by the Farm Service Agency (FSA) and Natural Resource and Conservation Service (NRCS).
All persons and legal entities requesting certain program payments, either directly or indirectly, are subject to the AGI limitation provisions. Participants in programs subject to AGI rules must annually certify their eligibility to receive program benefits. IRS requires written consent from the individual or legal entity to provide USDA verification of compliance with AGI limitation provisions. The annual certification is made possible by completing the CCC-941 form, Average Adjusted Gross Income Certification and Consent to Disclosure of Tax Information. The AGI limitation takes into consideration the 3 taxable years preceding the immediate preceding tax year for which payments/benefits are being requested.
Frequently Asked Questions
Who must meet AGI?
How is AGI Computed for an Individual?
Average 3 years of income from Line 37 of the 1040 form.
How is AGI Computed for an Entity?
Corporations filing a 1120 tax form
Corporations filing a 1120S tax form
Estate and Trusts filing a 1041 tax form
LLC, LLP, LP, or other similar entity filing a 1065 tax form
Tax Exempt or Charitable Organizations filing a 990-T tax form
Which Tax Years are used for Computing AGI?
Average of the 3 taxable years preceding the most immediately preceding complete taxable year.
What Programs Require AGI?
Link to chart in 6-PL
If for FSA or NRCS multi-year conservation contracts which AGI Form Do I File?