No. While carryover and carryforward refer to claiming any excess credit in a future year, carryback is used to claim excess credit in a previous year.
When your qualified foreign taxes exceed the credit limit in a given year, you may be able to carry over or carry back the excess to another tax year. You’re allowed a 1-year carryback, and then a 10-year carryover, of the unused foreign taxes.
To perform a carryback you’ll need to amend your prior year return. The unused credit would be taken in Part III, line 10 of the 2020 Form 1116.
Please see 2021 Publication 514 for more information.
