Deducting losses from a K1 when I meet all material participation rules

[bluegal]

I can't figure out how to set my Turbotax to allow me to deduct the losses from my K1.  I meet all the material participation rules.  This is NOT a real estate business.  I am a podcaster who organizes my funding through an S-corp.  The S-corp pays me and my husband on W2s, and I also expense our internet costs through the S Corp.  My husband and I spend 60 hours a week on 3+ podcasts; there is no way this is not a material participation situation.  Help! 

[Mike9241]

is box g all investment at risk checked? if this is not checked form 6198 must be completed for each k-1. Form 7203 is required

for the type of activity is the business box checked?

the loss is entered on line 1. Below that, you check the materially participated box. flows to schedule E2 page 2. 

[bluegal]

Yes Box G is checked.  Business box is checked.  Form 7203 is showing "allowed loss $0", "K1 Amount to adjust -3081".  The information about 199A income shows that loss and the W2 wages for the business.

[AmeliesUncle]

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@bluegal wrote:

Form 7203 is showing "allowed loss $0"

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That seems to indicate you don't have enough Basis to use the loss.  If you don't have enough Basis, you can't use the loss in the current year.