A S-Corp loss and a NOL is as different as an elephant and a bird so it is good to use the correct terminology.
To be able to deduct the loss on the 1040 you need to have enough basis in the company ... hopefully you have been keeping track. The IRS now requires that you do.
If you have enough basis then the loss on the 1040 could ultimately produce an NOL on the 1040 which must be dealt with on a timely filed return.
