Try something like this - you can use the overload of DrawString that takes a containing rectangle, and the text should wrap within that:
System.Drawing.Bitmap bitmap = new System.Drawing.Bitmap(800, 1000); //Creates Bitmap
using(Graphics g = Graphics.FromImage(bitmap))
{
RectangleF rect = new RectangleF(new PointF(0, 700), new SizeF(200,200)); // adjust these accordingly for your bounding rect
StringFormat drawFormat = new StringFormat();
drawFormat.Alignment = StringAlignment.Near;
g.DrawString("Comment: " + CommentBox.Text, outputFont, Brushes.Black, rect, drawFormat); // Writing the text from the comment box on to the Tiff file.
}