NOL

[I_am]

On my 1120S my business has a 2020 and a 2021 have NOLs. Do I manually transfer the NOL to my 1040 or will it be in my K-1?

[Anonymous_]

S corporations do not have NOLs; they have ordinary business income or losses that are reported on Line 1 of the K-1(s).

When the figure from your K-1 (Line 1) is transferred to your 1040, that may result in an NOL (which must be calculated manually).

[Mike9241]

for the S-corp for both years, you need tax basis in it to deduct the losses on your 1040. Turbotax does not compute basis at either the S-Corp or 1040 level.