@hotchkiss For the most part, I agree with @RaifH
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Because of the 1099-B, you might need to amend yours, removing everything related to the children's income from your own tax return, if you haven't already, then file a separate tax return for each of them.
The option to include their interest, dividends, on your own tax return is limited to 1099-INT and 1099-DIV types of income (and can include the cap gains in boxes 2 on a 1099-DIV). Once any of the actual holdings/stocks/Mutual Funds are sold in a UTMA, for any one year, that goes to a full form 1099-B/8949 and the option to report them for that year on your own tax return goes away.
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Amending your own tax return again is likely to be a mess depending on how far along you are in the process.
1) One should never amend a tax return until the original has been processed, and any refund issued, or balance due paid. The original, if filed and accepted already, cannot be stopped or intercepted.....thus, there is no rush to amend.
2) Did you actually file the first amended tax return already? Hope not. IF you haven't actually filed it yet, then all you need to do is continue to work on it again...but wait for your original refund/or pay the original's balance due first before filing the amended one.
ANNNND....don't rush the amended one again....give yourself several weeks to a month or two to fully understand what needs to be done.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
