What does Carry Back mean?

Carry Back meaning in Finance Dictionary

A term applicable to individual retirement benefits with regards to taxation guidelines that enable efforts produced in the current taxation 12 months is treated as though these people were paid-in the preceding tax year. If there were no web appropriate earnings within the preceding year, the contribution may be carried back once again another 12 months. The benefit of taking on this option is the fact that income tax relief is obtained at the greatest price applicable because previous year. For example, if a person's profits have actually dropped in a way that he or she is not any much longer a higher price taxpayer, carry-back of contributions will get income tax relief during the highest price.

Carry Back meaning in General Dictionary

deduct a loss or an unused credit from nonexempt earnings for a prior duration

Sentence Examples with the word Carry Back

The record of his voyage is interesting from the fact that he was the first to carry back to Europe an authentic account of the western coast of Australia, which he described in any but favourable terms. It is to Dutch navigators in the early portion of the 17th century that we owe the first really authentic accounts of the western coast and adjacent islands, and in many instances the names given by these mariners to prominent physical features are still retained.

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