Do I have to carry NOL into another tax year? I'd rather offset current W2

[OliverBrown]

I'm using TurboTax Business 2024 Desktop for a new S Corp (California).  My first year so lots of confusion. I was asked to mark my NOL as general, new business, or small business.  I read the explanation about carryover but I don't want this in a different tax year.  I want to use this 2024 loss to offset income from another S Corp that has a gain.  I was expecting a K1 with loss to apply to my 1040 & 540.  What's the story with this "carryover" ? 

[RobertB4444]

In an S-Corp the shareholders have to have sufficient basis in the corporation to support the loss.  Otherwise it is carried over in the corporation instead of passing through onto their personal returns.

You should check to see what the starting basis is for your shareholders in TurboTax.

@OliverBrown 

[OliverBrown]

Basis exceeds loss

[PatriciaV]

Please clarify if you have a loss on Form 1120S Line 22 that doesn't appear on Schedule K-1 Box 1. Where do you see the NOL carryover message?