Meaning of carryback | Babel Free

Definitions

An income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively.

Examples

“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.”

CEFR level