Will my return automatically go up due to the child tax credit going up. I have 2 claimed dependants on my return

[AlanT222]

It depends.  

If you have kids, you might qualify for the Child Tax Credit, which can reduce your tax bill by up to $2,000 per qualifying child. The 2017 Tax Cuts and Jobs Act (aka "tax reform") doubled the per-child credit amount from $1,000 in 2017 and prior tax years.

To qualify for the Child Tax Credit, your child must fit all of these requirements:

• Be under age 17 at the end of the tax year
• Is your son, daughter, stepchild, foster child, adopted child, brother, sister, stepbrother, stepsister, half-brother, half-sister, or a descendant of any of them (for example, a grandchild, niece, or nephew)
• Has his or her own Social Security Number
  • Children with ITINs don't qualify, but may instead be eligible for the $500 Credit for Other Dependents
• Lived with you for more than half the year
• Didn't support him/herself (didn't pay more than half their own expenses)
• Is a U.S. citizen, U.S. national, or U.S. resident alien
  • Residents of Canada or Mexico wouldn't qualify

Up to $1,400 of the credit is refundable and is phased-in based on your earned income.  In most cases, you must have $2,500 or more of earned income to be eligible for any portion of the refundable Child Tax Credit.

The $2,000 per-child credit is reduced once your AGI reaches $200,000 (or $400,000 if you're filing jointly with your spouse).

[davis6987]

Ok. I have already qualified for the child tax credit before the law went into effect. I'm asking if there is anything I will need to do or will the adjustments be made automatic and payment adjusted with difference deposited into my account? Or will I have to file an amended return?

[SteamTrain]

@davis6987 

The "new" higher child tax credit (3000/3600)  will not be effective until you file your 2021 tax return next spring.

SO there is nothing extra to wait for in the current filing year.   The previous CTC amounts are still in effect for the tax returns you are filing now for your 2020 income.

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Of course, if you didn't file for 2019 taxes, and you didn't get the 3rd stimulus yet, you do need to file 2020 ASAP so that the IRS knows where to send that 3rd stimulus.......assuming they are still  sending that out.  The 3rd stimulus isn't on the current tax file either.....but is expected to be automatic.