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
While the Tax Cuts and Jobs Act of 2017 eliminated the net operating loss carryback, the 2020 CARES Act provides for a special five-year carryback for taxable years beginning in 2018, 2019 and 2020.
—
Karlton Dennis,
Forbes,
28 Dec. 2022
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
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Marni Rose McFall,
Newsweek,
18 Mar. 2025
While the Tax Cuts and Jobs Act of 2017 eliminated the net operating loss carryback, the 2020 CARES Act provides for a special five-year carryback for taxable years beginning in 2018, 2019 and 2020.
—
Karlton Dennis,
Forbes,
28 Dec. 2022
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
Cite this Entry
“Carryback.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/carryback. Accessed 7 Jul. 2026.
Copy CitationLegal 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
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