However, if more than 75% of your adjusted gross income (AGI) is from farming, then you qualify for an extra $125,000 payment. Speciality crop farmers would qualify for up to $900,000 per producer.

Your gross income, or your total income before any taxes or deductions are subtracted, reflects the income that you receive from all sources. Any bonuses or commissions you receive are also included.

Knowing your taxable income helps you make smarter choices about deductions, retirement contributions and how much tax to withhold. It can also prevent surprises at tax time. If your finances are more ...