carryback

noun

car·​ry·​back ˈker-ē-ˌbak 

ˈka-rē-

: 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

If a business is claiming a net operating loss carryback, Form 7004 cannot be used to extend the return. —Marni Rose McFall, Newsweek, 18 Mar. 2025

The 2020 pandemic-relief CARES Act suspended the TCJA’s EBL and NOL changes for 2018, 2019, and 2020 and allowed five-year NOL carrybacks (e.g., a 2020 NOL carryback to 2015). —Robert Green, Forbes, 22 Oct. 2024

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, 15 May 2020

Word History

First Known Use

1941, in the meaning defined above

Rhymes for carryback

• almanac
• camelback
• cardiac
• cluniac
• diamondback
• lumberjack
• maniac
• paperback
• piggyback
• quarterback
• saddleback
• stickleback

Legal Definition

carryback

noun

car·​ry·​back ˈkar-ē-ˌbak 

: 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