carryback

American  

[kar-ee-bak] / ˈkær iˌbæk /

noun

1. (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.

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Etymology

Origin of carryback

First recorded in 1940–45; noun use of verb phrase carry back

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Example Sentences

See Examples For:

carryback

This creates a greater need for loss carryforward and carryback rules, which allow firms with unsteady profits to offset income from profitable years against the losses of unprofitable years.

From Slate ● Nov. 15, 2021

"Because you are further into the current year without having filed the prior year's tax returns, you will have a better idea of whether you should carryback a net operating loss."

From US News ● Mar. 8, 2016

"I think the carryback extension is a good idea," says Mark Silverman, a prominent tax lawyer at Steptoe & Johnson.

From Time Magazine Archive

Tax carryback credits will put many roads, now in the red, in the black for the year.

From Time Magazine Archive

But Convair, strikebound for some three months during the year, reported a deficit of $1.8 million for the first nine months after applying a carryback tax credit of $4 million.

From Time Magazine Archive

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