K1

You do not appear to have an investment that is at-risk and cannot take the loss in Box 1.  Or do you have an agreement as a member of the S corporation, that refers to you sharing losses against current income?

On the screen Other Situations, select the hyperlink Learn More to the right of the question All of my investment in this activity is at risk.

The At-Risk Rules to the right states:

At-Risk Rules

The at-risk rules prevent you from claiming losses that exceed your actual investment in a business. Your loss is considered the lesser of the following:

 - The amount of the loss
 - The amount you have at risk in the activity

You are at risk up to the amount of cash and the adjusted basis of other property you contribute to the activity. Funds borrowed for use in your business and for which you are personally responsible can be added to the at-risk amount..

You are not considered to be at risk if you:

 - Do not have to repay borrowed amounts because you have an arrangement that protects you from loss.
 - Borrowed money from a lender who has an interest in the business other than as a creditor.

You can carry disallowed losses forward to a year when you have amounts at risk. Be sure to keep records of these disallowed losses so you can claim them in later years.
 

See this TurboTax Help.

You need to be maintaining a tax basis schedule for this "investment".

You can only determine if this loss is allowable if you know your tax basis.

Additionally, you should be completing IRS form 7203.

How long have you been receiving a K-1?

What type of income / loss has prior year K-1's reflected?