TOLEDO, Ohio — Some parents could start seeing some additional money in their bank accounts starting in July. It's part of what's being called an enhanced child tax credit.
If you're a parent, you most likely already know about the child tax credit you get as part of your tax refund in the spring. However, with President Biden's COVID-19 relief bill passed earlier this year, eligible parents will receive a total of $3,600 for each child under the age of 6 and up to $3,000 for all children ages 6 through 17.
The previous child tax credit maxed out at $2,000 and could only be claimed when filing income taxes.
Charles Heid, a tax partner with Gilmore Jasion Mahler, said when it comes to opting in or out of this, there's really nothing you need to do.
"If you're eligible for the child tax credit because you were able to claim it on your 2020 return, the IRS is going to automatically start sending it to you," said Heid.