carryback

[kar-ee-bak] /ˈkær iˌbæk/

noun

(in U.S. income-tax law) a special provision allowing part of a net loss or of an unused credit in a given year to be apportioned over one or two preceding years, chiefly in order to ease the tax burden.

Compare carry·forward (def 2).

Origin

1940-45; noun use of verb phrase carry back

Examples from the web for carryback

The normal two-year carryback remains available if the small business does not elect the special carryback provision.
Make a claim for a carryback due to a loss or unused credit.