The IRS says in this document:
A shareholder is not allowed to claim loss and deduction items in excess of stock and/or debt basis. Loss and deduction items not allowable in the current year are suspended due to basis limitations and are carried over to the subsequent year.
If this is not the case, you need to amend your 2023 tax return to change form 7203 to allow you to deduct your 2024 loss.
If your basis is 0, then you have to file form 6198 to carry forward the loss.
The presence of a negative number on line 5 of schedule 1 means that the loss has been deducted from your taxable income.
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