The "Foreign loss not previously recaptured" on Form 1116, Line 16 refers to any foreign losses from prior years that have not yet been offset against foreign income. This information is typically found in your tax records or prior-year tax returns.
- Carryover Schedules: Check the foreign tax credit carryover schedule from your 2023 tax return. This schedule track unused foreign tax credits and foreign losses.
- Review Line 16 of your prior-year Form 1116 to see if there was a foreign loss carried forward.
If you find you didn't have any of these losses previously, then leave this section blank or record a "0" if you are required to place an entry here.
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