if a publicly traded partnership - PTP - (Part 1 box D) losses are suspended and can only be used against future income of that partnership or they're released when you dispose of your interest in a fully taxable transaction. income is taxable. If not a PTP then likely you're subject to the passive activity loss rules. slightly different in that the passive losses from one can be used to offset passive income from another. the computation of any allowed loss is on form 8582. assuming this is a k-1 from a partnership or S-Corp you must materially participate for losses to be allowed otherwise it's a passive loss which will only br utilized if there is passive income
see IRS PUB 925
https://www.irs.gov/pub/irs-pdf/p925.pdf
