I have 3 children all with UTMA brokrage accounts on Etrade which I am the Custodian of all three. My father handles the trading of the securities for all 3 accounts. Usually every year I print off each of their 1099-DIV and file them under my return, not sure if thats right or not but it's peanuts in the grand scheme of things.
I E-filed this year, which the FED and State both excepted. Well, I wasnt aware my father sold all stocks for all 3 accounts, and low and behold there was a 1099-B for each of the kids accounts. So later that day I filed an amended return including the 1099-B on my return, and owed the Fed a few k and the State around 600$.
Now after reading up on this becuase its under their names and the have no income, I need to file a return for each of my kids. How do I proceed? File anther amended return removing the 1099-B from my return and file each kid individually?
