Carryback meaning

The part of an income tax credit or deduction, such as a net operating loss, that cannot be entirely claimed in a given tax year, but that a person may apply against (and thereby reduce) his tax liability for a previous year. See also carryover.
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(accounting, taxation) A income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively.
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Origin of carryback

carry +"Ž back