Meanings
nouncarryback (plural carrybacks)
plural carrybacks
- accountingAn income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively.
Current theft loss rules typically allow losses to be carried back three years and forward 20 years, but the I.R.S plan will allow carrybacks of as many as five years, generally if the loss is for a small business with gross annual receipts of less than $15 million.
2009 March 18, Lynnley Browning, “I.R.S. Plans a Deduction for Madoff Victims”, in New York Times
Origin
Cite this entry
APA
carryback. (n.d.). In WatkinsX Dictionary. Retrieved November 2, 2026, from https://dictionary.watkinsx.com/word/carryback
MLA
“carryback.” WatkinsX Dictionary, https://dictionary.watkinsx.com/word/carryback. Accessed November 2, 2026.
Chicago
WatkinsX Dictionary, s.v. “carryback,” accessed November 2, 2026, https://dictionary.watkinsx.com/word/carryback.
Source: carryback on Wiktionary, CC BY-SA 4.0.