Farmers, Don't Worry! Selling Produce and Rice Income Over 500,000 Won Won't Affect Old Farmer Benefits; 'These' Are the Real In

Income Means Test Calculation Standard: The income means test threshold for the Old Farmer Allowance is 'a total of 500,000 won or more.' This threshold only calculates an individual's comprehensive income 'other than agricultural income' (such as salary, interest, dividends, rental, and property transaction income). Agricultural income (like rice cultivation, selling vegetables, public grain payments, fallow subsidies) and the Old Farmer Allowance itself are not included in the calculation. Asset and Interest Distinction: The principal of assets like savings, stocks, cars, and agricultural machinery is not counted. However, the 'interest' and 'dividends' generated from these assets are considered non-agricultural income and are included in the calculation. Review Year: For example, in 2026, the review will be based on income data from 2024 provided by tax authorities. If you were previously ineligible due to exceeding the limit, but your 2024 income has dropped below 500,000 won, you can reapply. Agricultural Competition Prize Adjustment: Starting in 2026, prize money obtained from participating in government-sponsored or subsidized agricultural competitions will be considered agricultural income and will not be included in the 500,000 won threshold. Real Estate Means Test Restrictions: There is a separate means test for real estate, with a threshold for the combined value of land and housing exceeding 5 million won. Land is valued based on 'announced land prices,' and housing based on 'assessed standard prices' (not market value). Agricultural land, farmhouses, and qualifying sole residences have relevant deductions or exclusions.