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Carryback vs Carryover - What's the difference?

carryback | carryover |

As nouns the difference between carryback and carryover

is that carryback is (accounting|taxation) a income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively while carryover is something whose duration has been extended or that has been transferred to another time.

carryback

English

Noun

(en noun)
  • (accounting, taxation) A income tax loss or credit that can be applied to offset previously taxed income or taxes paid, respectively.
  • * {{quote-news, year=2009, date=March 18, author=Lynnley Browning, title=I.R.S. Plans a Deduction for Madoff Victims, work=New York Times citation
    • , passage=Current theft loss rules typically allow losses to be carried back three years and forward 20 years, but the I.R.S plan will allow carrybacks of as many as five years, generally if the loss is for a small business with gross annual receipts of less than $15 million.}}

    See also

    * carryforward * (Net operating loss)

    carryover

    English

    Noun

    (en noun)
  • Something whose duration has been extended or that has been transferred to another time
  • An amount, especially a sum of money, transferred to a new column in a ledger, or applied to a later time

    • Quotations

    * 1980 Daniel T. Morrow - The Economics of the International Stockholding of Wheat *: First, as a general rule, carryover stocks are, held in countries that have lower carrying costs, which are probably exporting countries because they enjoy lower prices. * 1992 Vic Campbell - Junction: Mild Adventure for the Armchair Ruralists *: The “Black Shoe” title is a carryover from the days of coal-burning ships . . .