Form 1116 Line 16: TT asks for "Foreign loss not previously recaptured" where would I find this information on my 2023 tax return?

[DaveF1006]

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. 

1. Carryover Schedules: Check the foreign tax credit carryover schedule from your 2023 tax return. This schedule track unused foreign tax credits and foreign losses.
2. 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.

[aizedhmir]

Thank you DaveF,

1. I checked my 2023 foreign tax carryover schedules.  I do have foreign tax carryovers available.  No losses being carried forward.

2. In 2023 line 16 does have a loss adjustment for "US losses" but not foreign losses.

So I guess a '0' needs to be entered on this screen of TT where it was specifically asking about "foreign losses not previously recaptured"

The next page asks about Recharacterization of Loss. "Enter the pro rata share of loss for passive income and the total loss from other categories carried forward to 2024 from a prior year. Also enter any 2024 net loss from U.S. sources. Enter all losses as negative numbers."  The specific information which is to be entered in TT on this page is:

Pro rata Loss Carried Forward

Total Loss From Other Categories Carried Forward

2024 Net Loss From US Sources

Total Balance in Overall Domestic Loss Account

50% of US Source Taxable Income for 2024

Any idea as to where this information would be found for 2023, and that being asked for 2024?  Seems like TT is asking for a lot of number crunching!  Thank you.

[DaveF1006 · Accepted solution]

Most of this information is either contained in a supplemental disclosure form that came with your 2023 K-1 or reported on a K-3. If you don't have the information, leave those blank.

You may also look at disclosure forms and or K-3's that may have the information that this section requires.

@aizedhmir