carryback
- A technique to get a back tax refund by applying a present year's deduction or credit to a past year
- The company used a carryback to receive a refund for the previous year's overpaid taxes.
- Because of the business losses this year, a carryback will be used to adjust taxes from two years ago.
- The carryback procedure allowed him to adjust his taxable income for the preceding year.
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