Definition from Wiktionary, the free dictionary
carryback (plural carrybacks)
- (accounting, taxation) A income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively.
2009 March 18, Lynnley Browning, “I.R.S. Plans a Deduction for Madoff Victims”, in New York Times:
- Current theft loss rules typically allow losses to be carried back three years and forward 20 years, but the I.R.S plan will allow carrybacks of as many as five years, generally if the loss is for a small business with gross annual receipts of less than $15 million.