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Tobacco buyout payments made on Jan. 15

January 29, 2013

The Farm Service Agency for Lincoln, Garrard, Boyle and Mercer counties said 2013 tobacco buyout payments that were eligible to be made were paid on Jan. 15.

If you have a direct deposit on file, check with your bank to verify deposit. If you changed bank accounts and did not inform FSA of the change, your payment has probably been returned. You will need to come to the office to revise your direct deposit.  Anyone who does not have a direct deposit on file will receive a paper check, but it will take longer to receive.

The calendar year 2012 brought changes to the way FSA reports farm program payments to the producer and to the IRS. In past years, IRS Forms 1099-G would be issued to show all program payments received from the FSA, regardless of the amount. For tax year 2012, producers whose total reportable payments from FSA were less than $600 will not receive IRS Form 1099-G. Also, producers who receive payments from more than one county will only receive one Form 1099-G if the total of all payments from all counties is $600 or more.

Producers who have bought or sold land, or added or dropped rented land from their operation must report those changes to the FSA office as soon as possible.

A copy of the deed or recorded land contract for purchased property is needed to maintain accurate records with FSA. Failure to do so can lead to possible program ineligibility and penalties. While making record updates, be sure to update signature authorizations. Making record changes now will save time in the spring.

Sign-ups through the Lincoln/Garrard/Boyle and Mercer County Extension Service and Soil Conservation Office require you to have a farm number in order to sign an application. Not reporting the purchase or sale of land could delay or prevent you from participating.

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