Hi
assuming you use the same 5V supply that powers the breakout board
you will need a 330 ohm resistor to limit the LED's current to about 10mA
I've added a 1k pullup resistor to the phototransistor's collector in this diagram -
Attachment 329008
unless the errors I found with your breakout board, as sold 3 years ago, has been corrected
you may find the inputs don't work very well without adding a wire link to connect the +5V supply to pin 14 of the first 74hc14 IC - the one used for the inputs
with no +5V supply to pin 14 the 74hc14 only works (to a degree) with the current that flows via the various pullup resistors into the input and output pins
this current then passes through the IC's protection circuits to the supply pin 14 !!!!
john
PS
breakout board diagrams
Attachment 329010
Attachment 329012