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carryback

[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.
Compare carry·forward (def 2).
Origin
1940-1945
1940-45; noun use of verb phrase carry back
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for carryback
  • The normal two-year carryback remains available if the small business does not elect the special carryback provision.
  • Make a claim for a carryback due to a loss or unused credit.

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