Brown turkey in a large pot with olive oil. Mix in 1 tbsp. chili powder and green chilis. Add red and yellow peppers and cook about 5 minutes or until soft.
Add in diced tomatoes, tomato sauce, chicken broth, 3 tbsp. chili powder, cumin, paprika, oregano and nutritional yeast. Simmer for about 30 minutes. I like mine pretty mild but you can add more chili powder for more spice.
Place turkey bacon on a microwave-safe plate and cover with a paper towel. Cook in the microwave for 1 minute 30 seconds. You can add another 30 seconds if the bacon is not fully cooked. Note that it will become more crispy after cooling.
Serve and top with avocado, green onion and crumbled turkey bacon. Enjoy!