In my account settings for Turbo tax next to "Billing and Shipping" it says "Turbo Tax CD/ Download". Does this mean I can do more than 1 return in my account?

No, If you bought our TurboTax software from our online site you would be able to download it from there. Only one return can be prepared on each account when using the online product. You must create a new account and pay again (unless using the free edition) to prepare another return. The CD is a better bargain for preparing multiple returns.
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