[ kar-ee-bak ]
/ ˈkær iˌbæk /
(in U.S. income-tax law) a special provision allowing part of a net loss or of an unused credit in a given year to be apportioned over one or two preceding years, chiefly in order to ease the tax burden.Compare carry·forward (def. 2).
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Origin of carryback
First recorded in 1940–45; noun use of verb phrase carry back
Words nearby carryback
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020
British Dictionary definitions for carryback
/ tax accounting /
(tr, adverb) to apply (a legally permitted credit, esp an operating loss) to the taxable income of previous years in order to ease the overall tax burden
an amount carried back
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012