1998 volvo s70 glt turbo 2.4L 5cyl alot of white smoke coming from tailpipe and oil dipstick tube. It's running rich.Car won't pass emmissions test vacuum line to intake manifold is collapsing. 2 check valves in the same vacuum line have arrows pointing in opposite directions. What is the problem?

System Too Rich Bank 1
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Get a scanner from IPD for $80 and it will tell you what you need to do.

Does the smoke smell like burnt antifreeze or motor oil?

There are a few ways, it could be burning oil or making noise or not building pressure,

What problem are you having that makes you think turbo is bad?

sounds like a coil issue

Not good. Someone didn't put it together right or something came apart. It's burning oil. Check the inside of your tail pipe. If it's wet and oilly then you are burning oil. Oil foaming is from compressed air getting to it. You will have to recheck everything done when head gasket set was replaced.
Good luck and thanks for your question and I hope my suggestions help. burdfrenzy
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black smoke indicates that the vehicle is running rick ,to much fuel is being supplied to the cylinders insure that it is getting enough air also.

Most common cause of ticking in these is the oil pick-up seals. Remove the pan and replace the oil pick-up tube seal, the two seals for the tube in the pan and the 2 O-rings on the right side of the pan. And dont use silicone to seal the pan back up, because it WILL leak, I highly recommend the Volvo sealant

Everyone always jumps to head gaskets. There are plenty of MINOR things that can be looked at first.
The Volvo 2.3, 2.4, 2.5 Inline 5 Cylinder dipstick tube is known to develop a large amount of condensationin winter months and stop and go driving. What you see on your dip stick is possibly just condensation. Take off your oil cap and look under the cap and inside the valve cover. Is there any thick foamy oatmeal like substance or noticeable amounts of water? If your oil was saturated with coolant, you would be able to see it up there too. Check your coolant for oil. Volvo coolant is typically brown to orange, however make sure there is no sludge. Start the car with the cap off and keep an eye out for alot of bubbles. A large amount of bubbles is a sign of a bad head gasket. A couple here and there is just air in your cooling system.
Coolant, Transmission fluid, and Oil have several places they can mix. If you have a turbocharged Volvo, the seals in the turbo can go bad and cause a mix of oil and coolant. Your transmission cooler is also in your radiator, and if it cracks your transmission fluid and coolant can mix. I believe turbo models have an oil cooler built into the radiator as well.
Overall if your car sounds fine, you dont see oatmeal, your not using coolant and oil in excessive amounts, dont have white smoke, and your turbo isnt whining you probably just have condensation in your dip stick. If you are overly concerned you can send a sample of your oil to a lab and have it tested for traces of coolant. Headgaskets rarely fail on Volvo's, even the old ones....I have seen many that have gone to replace them have not found a failed gasket and end up finding a bad transmission cooler or a bad turbo.

Turbo oil seal is probably bad. This lets oil leak into the air intake from the turbo bearing. If smoke goes away during hard acceration, then this is probably your problem. Turbo replacement or rebuild is the fix for this.