What does federal refund means

[SweetieJean]

It means the amount of money that the IRS owes you once you file your tax return.

[VolvoGirl]

After you fill out your 1040 federal tax return and enter all your W2s and any 1099s you will either have a Refund or have a tax due.  Tax Due means you owe more to the IRS.  A Refund means you overpaid during the year and the IRS will give you money back, either with a check or a Direct Deposit to your bank account.