What to do if Schedule K-1 Box 1 shows loss and Box 2 shows income?

If Schedule K-1 box one shows $1,000 loss and Box 2 shows $1500 income, do I net the two and report on personal tax return, or do I show $1500 income and carryforward the $1,000 loss? Since these are separated in TT, I wasn't sure how to report in tax return.