You cannot set up separate accounts within the CD/Download software. The software is tied to one account, although it can be downloaded and installed on up to five computers.
You can also paper-file as many federal returns as you want using the CD/Download software, but only five of those can be e-filed per IRS regulations.
Additional Resources:
Activating TurboTax CD/Download software
How many returns can I e-file in the TurboTax CD/Download software?
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