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carryback

noun car·ry·back \ ˈka-rē-ˌbak , ˈker-ē- \

Definition of carryback

: a loss sustained or a portion of a credit not used in a given period that may be deducted from taxable income of a prior period

First Known Use of carryback

1942

in the meaning defined above

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Law Dictionary

carryback

noun car·ry·back \ ˈkar-ē-ˌbak \

legal Definition of carryback

: the portion of an income tax deduction (as for a net operating loss) or credit which cannot be taken entirely in a given period and which may be deducted from taxable income of a prior period — compare carryover

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