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Third round of child tax credits set to start going out on Wednesday

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(CNN) — Millions of families will be receiving more money in their bank accounts courtesy of the IRS.

The agency will begin distributing its third child tax credit payment starting on Wednesday.

Most parents will receive up to $300 for each child six years old or younger. Parents will receive $250 for each child between 6-17 years old.

After the third round of credits are distributed, the IRS will have three more monthly payments to send out this year unless Congress extends it.

Democrats are currently looking at extending the tax credit as a part of their budget reconciliation bill.

The first round of payments started going out in July.

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