Glenda,

Your client can make an election under IRC Sec. 451(f) to defer crop insurance proceeds to 2021.

Here is what Sec. 451(f) says - “In the case of insurance proceeds received as a result of destruction or damage to crops, a taxpayer reporting on the cash receipts and disbursements method of accounting may elect to include such proceeds in income for the taxable year following the taxable year of destruction or damage, if he establishes that, under his practice, income from such crops would have been reported in a following taxable year.”

To make the election, check the box on Schedule F, Line 6c. To generate the election statement, complete Screen 46 Section Election to Defer Crop Insurance Proceeds.

 Please note in the election statement and Screen 46 prompt Lacerte incorrectly refers to 451(d). The correct Sec is 451(f), as cited above.

                        -PK, CPA, M.S. - Taxation