K-1 line 1 is a loss and I have line 14a guaranteed payments TT decreased income and SE income

Okay ,my husband is a partner in a LLC. He got his K-1 and line 1 has a loss of 49,000, he also has guaranteed payment amount on line 14a. Now me materially participates in the partnership and all of his invenstment is at risk. So i understand that guarantee payments you must pay SE tax on, but I was told that I can deduct the partnership loss of 49000 from the guarantee payment amount of 69000 lowering the amount of self employment tax he has to pay. TT did this automatically but it also deducted the loss on line 1 from regular income bring down my earned income. Can I us that loss on both sides to reduce self employment tax and earned income?