No, you can use your CD to prepare unlimited returns and to e-file up to 5 federal returns. That's one of the advantages of using TurboTax Desktop (CD/Download) platform. And your Deluxe CD is one "level" up from Basic, so you're in good shape.
You'll select "Start a New Return" in your TurboTax program and work through the interview on your sister's return.
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If you have desktop software (CD/download) you can prepare multiple returns. You get up to five free federal e-files. If you prepare a state return there is a fee to e-file the state but you can avoid the fee if you print and mail the state instead of e-filing it.
Any version of desktop software has all the forms and schedules. It will be fine for your sister's return.