You can prepare as many returns as you want with the CD/Download version of TurboTax. It's just that you can only e-file five returns. The rest can be printed and mailed.
The IRS imposes a limit of 5 e-file returns. Preparing greater than 5 returns is viewed by the IRS as being a "preparer" and requires registration with the IRS. It is NOT a TurboTax limitation, and it does not matter how many TurboTax packages you buy; if you try to e-file more than 5 returns you should consider it an invitation to the IRS to contact you.
NOTE: To prepare more than five e-files, you will need to become an Authorized e-file Provider and register as an ERO (Electronic Returns Originator) with the IRS, see: Become an Authorized e-file Provider
Intuit has several professional software options if you need to prepare and e-file more than 5 federal tax returns: ProSeries, Lacerte, and Intuit ProConnect. This may be more cost effective than purchasing multiple copies of TurboTax.
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