K1 losses to offset personal income

[ckl9988]

Hi,

I have some K1 losses under companies my husband & I have ownership in but all the losses aren't being deducting against my taxable income.  (1) K1 - 1120s (materially participate)& (2) K1's LLC (1 - materially participate).  My personal income (W2) exceeds the losses.  Is there a cap or adjustment to the losses? Can  I  take the entire loss for 2020 and not treat it as a NOL?

[AmeliesUncle]

Which Box on the K-1 shows the loss?

Do you have enough Basis to deduct the loss?

[ckl9988]

My taxable income is super high. Loss is under K1 box 1 under the s corp & box 1 & 2 under the 1065