What type of carryover expenses did you have? For some (like QBI) they can only be used in the current year against the current business. The only business expense that carries over year after year is depreciation, or possibly Home Office.
If you did have a Business Loss Carryover, yes, you must use it against other income each year until it's used up, whether you still have the business or not.
Check the Federal Carryover Worksheet for carryover items. Here's more info on Business Expense Carryovers.
Once you receive your letter from the IRS, you'll know more about what the 971 code on your transcript relates to.
@Mike92ct
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