Since the child is too young to sign the form 5329, you were correct to sign it, but you should have attached a note that you were the parent signing on behalf of your minor child. To correct this situation, you should sign the form the IRS sent you and write next to your name that you are the parent signing on behalf of your minor child.
The beneficiary of the distributions would be the individual responsible for paying the taxes. The forms 5329 should be in the name of who ever benefited from the distributions.
When future distributions are made from the account, the taxable amount if any associated with them will be taxable to the recipient of the distributions. If the funds go to the beneficiary's school, then the child will be responsible for any taxes due.
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