Yes, you can use a portion of the carry forward net operating loss, if you have taxable income. You can use up to 80% of the taxable income amount. It sounds like you elected the bonus depreciation for the equipment. This election can create a loss.
For instance: You have 50,000 in taxable income for 2024. You can use up to $40,000 of the NOL carry forward to offset taxable income. Any unused amount can be carried forward to the next years until used up.
If you're using TurboTax from year to year, your carry forwards should populate.
Hope this helps!
Cindy
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