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The income from this account would have been subject to kiddie tax while the child was a minor (under 19 or 23 if a student). The first $1,000 of income each year would be tax free. The next $1,000 would be taxed at the child's rates (0 to 15%). Any remainder would be taxed at the parents rates. Depending on the amount of dividends each year there may be no tax impact.
The assets became your child's once you opened the account. There is nothing to transfer. Since you were the custodian you would have control over the account. You would only be allowed to use funds that benefitted your child. Your child should now have control of the account. There may be an issue with dividend income once your child is no longer considered a minor.