When the Tax Home page at TurboTax shows your efiled return as "accepted", that refers only to the efile status. It means the efile was successfully sent to the IRS and that the IRS computers determined that it met all the technical requirements such that they could begin processing it. i.e., the IRS accepted it for processing.
Thank you! Last thing, is there a anticipated time frame in which the IRS does approve the tax return?
You're welcome.
The IRS says 9 out of 10 filers who efile and choose direct deposit will get their Federal refunds within 21 days after being accepted. Some returns are processed fairly quickly, while others require additional processing due to specific items in the return, or if the IRS catches any errors. Some are pulled at random for more thorough investigation.
This time of year (February) there is an additional factor that could cause a delay as you'll see at that link, and that's the PATH Act, which requires the IRS not to pay any refunds where a filer has claimed EITC or ACTC credits until after February 15. That means returns that contained those credits may not get refunds until around March 1, possibly a tad earlier if direct deposit was chosen.