Tax Year Prior to 2020: I have a loss from my s-corporation from last year that was well beyond what I could claim, I have a schedule E can I carry that difference forward to this year?

[jleschorn1]

I do have basis.

[WKins2]

Yes. What you are referring to is a Net Operating Loss (NOL). When an S Corporation has a loss, that loss is reported on the shareholders' personal tax return on Schedule E and that loss can be used to offset other income. If the loss is so large that there is a remaining amount after the offset of your other income, that creates an NOL which can be carried forward. Note that the NOL can only offset 80% of your income (determined without regard to the deduction) and any remaining amount would continue to be carried forward indefinitely.

On your tax return, list your NOL deduction as a negative figure on the "Other income" line of Schedule 1 of Form 1040. 

For more information on Net Operating Losses, please see Publication 546. 

[Rick19744]

The other issue that was not discussed, was whether or not you even had sufficient basis to take the loss.

Hopefully you are maintaining a basis schedule of your investment in the S corporation.  This is key since it determines allowable loss and will also be needed when you sell or liquidate the S corporation.