carryback

noun
car·​ry·​back | \ ˈker-ē-ˌbak How to pronounce carryback (audio) , ˈka-rē- \

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

Examples of carryback in a Sentence

Recent Examples on the Web For instance, refiner Phillips 66 boasted an effective income tax rate of just 2% for the first quarter -- well below the federal statutory income tax rate of 21% -- partly because of the carryback. Jennifer A Dlouhy, Bloomberg.com, "‘Stealth Bailout’ Shovels Millions of Dollars to Oil Companies," 15 May 2020 Other key provisions: deferral of payroll taxes, expanded opportunity for loss carrybacks for businesses and technical corrections regarding qualified improvement property. Pamela Mcclintock, The Hollywood Reporter, "How the $2 Trillion Federal Aid Package May Help Movie Theaters," 26 Mar. 2020

These example sentences are selected automatically from various online news sources to reflect current usage of the word 'carryback.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.

First Known Use of carryback

1942, in the meaning defined above

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Time Traveler for carryback

Time Traveler

The first known use of carryback was in 1942

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Cite this Entry

“Carryback.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/carryback. Accessed 5 Mar. 2021.

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More Definitions for carryback

carryback

noun
car·​ry·​back | \ ˈkar-ē-ˌbak How to pronounce carryback (audio) \

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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