When I’m turning a piece on the lathe, I don’t want to have to hunt for the right tool. With a few pieces of scrap and a little effort, I made a simple accessory for keeping them close to the work.
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Turning Tool Rack

The rack starts with a base made from 1/4" plywood. I sized it for the number of tools I have while allowing it to overhang the front of the lathe stand or benchtop. I used a Forstner bit to drill the holes.

A strip of 3/4" pine fastened to the back edge of the base butts against the lathe bed, preventing the rack from falling out when loaded with tools. The rack easily slides under the bed and out of the way when not needed. On my benchtop model, the tool rack fits nicely on top of the bench and under the lathe bed. If your lathe is freestanding, the rack can easily be modified to fit the lathe stand.