Exactly what it says. It is in the system and, over the next few days, will be reviewed for accuracy and compared with other records the IRS has (they get copies of your W-2s, etc.) Most tax returns will change to "Refund approved" in 7-14 days, but sometimes they will need to ask you some extra questions. If it takes more than 21 days to change to "Refund approved", you can call the IRS and ask for an update.