TurboTax is not set up to limit losses due to Basis.
You need to manually limit it by only enter the allowable amounts on the K-1 (if you Basis is zero, then all numbers on what you enter for the K-1 would be zero).
Then you manually keep track of the unallowed Basis. At whatever year in the future it is allowed, you will enter a second K-1 called "PYA" and enter the amounts of the then-allowed loss.
