I am having an awful time trying to figure this out, been searching the
newsgroups like crazy and trying many different configurations.

Ok here's what I have.

In cell L2 the value can be 0,"","TBD". The "" and 0 may be the same
but I'm not sure so I'd like to use both in the formula if possible.

What I want to happen is this:
IF F2<40
or
IF L2 = 0 or "" or "TBD" AND X2< 60 (actually a formula I have for #
of working days between todays date and a need date)

I want to return X in the cell. If none of the above are true, just
leave the cell blank "".

Thanks.

Here's what I have come up with but it doesn't work.

=IF(OR(F2<40,(OR(L2=0,L2="",L2="TBD",AND((NETWORKD AYS(TODAY(),M2,Holiday!$A$3:$A$25))<60)))),"X","")