see a lawyer familiar with tax exempt entities. your personal tax situation is not clear.
depending on what you do to get "donations" the IRS could regard them as income or gifts. gifts are not reported on your 1040.
as to the "foundation" to be legally tax-exempt requires filing paperwork with the IRS and probably the state.
if you get tax exempt status for the foundation the activities are not reported on your 1040. rather depending on the size and what it does, form 990, of which there are multiple types, would be required annually.
Turbotax does not do any of the 990 forms.
