Would like to format text in character sheet for those sections I put free form text notes (Notes, Backstory, etc...). Things like font size, bold, italics are, underline, etc.

Can this be done? Reference source to guide someone?

If you mean a Form Fillable PDF version of the Character Sheet, there is one on the D&D main site. Click on Fifth Edition Character Sheets

Thinking the D&D Beyond online character sheet itself. Wanting to input Backstory and do some formatting of the text, bolding and highlighting words here and there.....changing font sizes....stuff like that.

I believe you can but you have to do it in a word program of some type, then copy and paste it just don't paste as simple text.

It would be really helpful if it was possible to do in notes and such on the character sheets, as it would make keeping track of places, names ect so much easier. Hope they add this.

Quote from paddiavalon >>

It would be really helpful if it was possible to do in notes and such on the character sheets, as it would make keeping track of places, names ect so much easier. Hope they add this.

 If you are using the online character sheet in a web browser, you can already enter things under the “Notes” section of the character sheet. Simply go to the “Notes” tab and under the “Other” section click/tap “Add Other.”