What do you mean by "both losses"? Do you have two K-1s? Where are these two losses reported?

My S Corp is a partner in a partnership and receives a k-1 with income (loss) in box 2. The k-1 issued from the S Corp to myself shows figures in box 1 and the same figure shown on the partnership k-1 in box 2. Therefore, the singular k-1 reported on my personal tax return has two income lines on it. Only one is impacting my personal tax return. 

Maybe you should clear up some details for me. Your S-CORP receives a K-1 from the partnership. If that K-1 is in the name of the S-CORP, then that is reported in a separate Business return as income received by the S-CORP.  At this point, a K-1 gets issued in your name for you to report in your personal return. You need to purchase Turbo Tax Business product to report the income from the partnership to your S-CORP.  

Now, that amount reported gets passed down to you and reported as K-1 income in your personal return. You would just report what is included in Box1.  

I hope this answers your question.  Both K-1's need to be reported as two separate events-one in a business return and one in your personal return. 

Thanks for replying - I have already done as you describe (purchase TurboTax business, create a partnership filing, receive partnership k-1 at S-Corp, receive personal K-1 from S-Corp). TurboTax business spits out the Scorp k-1 with losses in boxes 1 and 2. If I only report box 1, is that because the loss basis reported in box 2 stays at the S-Corp level and doesn’t flow through to personal?