CARRYBACK

a process by which the deductions (or credits) of one taxable year – that cannot be used to reduce tax liability in that year – are applied against tax liability in an earlier year (or years). Carrybacks are available for situations that include – but are not limited to:

• operating losses of businesses;

• charitable deductions; and

• investment tax credits.

compare carryover; bunching; income averaging.

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Sincerely,

www.FroogleMe.com

"Actuary"

user comments

thank you, come again!
Froogle 1.1.1.7

CARRYBACK

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