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To insert a text box in Microsoft Excel, go to the Insert tab and find the Text Box option on the right. Clicking it changes the cursor; you can then left-click and drag to create the text box. Once created, you can type inside it (e.g., "This is the sales report for the awesome company"). After clicking away, the text box becomes non-editable, but you can click back in to edit it again. You can also move the text box by clicking on it until the cursor turns into a cross, allowing you to reposition it if necessary. The text box can be resized to avoid covering other content.