Yes if you transfer from the prior year each year it will carry over for however long it takes to use up. You can't skip a year.
You get to first offset the loss against any gains you have each year so that can use more of it up. Then after applying the loss to the current gains you can take a max loss of 3,000 (1,500 MFS)per year. Turbo Tax does all the calculations for you.
But If you have a negative AGI or negative taxable income it will show up on 1040 BUT it won't reduce the carryover to the next year.
