A Net Operating Loss carryover is a "use it or lose it" deduction up to the taxable income available to absorb the NOL. It does not make any difference whether you owe tax with your return.
An NOL is treated as used in a year to which it can be carried, even if the taxpayer did not take the deduction or benefit from the deduction. The NOL is deemed absorbed based on the correct taxable income, which reduces the NOL available in later years.
