This year I realized that the threshold had been reached to report our children's capital gains and pay the kiddie tax. I did so through our joint account return. I looked back at their 1099-div and it looks like at least 2021 and 2020 also need to be amended or returned. Both children are young and do not have earned income. Would it be easiest just to fire up the 2021 turbo tax and 2020 and create new returns for them or should we (the parents) amend our previous joint returns? It seems like it will save us money if we submit individual returns for the kids. When I did create a return for our daughter in TT 2021, there is not penalty or anything listed in the return even though we are over a year late which seems incorrect. I'm just not sure where to go with all of this. Thanks!
