The well-known du'a
اللّٰهُمَّ لَكَ صُمْتُ وَبِكَ آمَنْتُ وَعَلَى رِزْقِكَ أَفْطَرْتُ بِرَحْمَتِكَ يَا أَرْحَمَ الرَّاحِمِيْنَ
Allaahumma laka shumtu wa bika aamantu wa 'alaa rizqika afthartu birahmatika yaa arhamar-raahimiin
O Allah, for You I fasted, in You I believe, and with Your provision I break my fast. By Your mercy, O Most Merciful of the merciful.
From the sunnah (Abu Dawud)
ذَهَبَ الظَّمَأُ وَابْتَلَّتِ الْعُرُوْقُ وَثَبَتَ الْأَجْرُ إِنْ شَاءَ اللّٰهُ
Dzahabazh-zhama-u wabtallatil-'uruuqu wa tsabatal-ajru insyaa-allaah
The thirst is gone, the veins are moistened, and the reward is confirmed, if Allah wills.
When & how
At iftar when the sun sets (Maghrib adhan). Hastening the breaking of fast is recommended.
For your little one
Iftar is one of the times when du'a is answered. Have your child make a small du'a before their first date or sip of water.
Text follows the commonly taught wording (Shafi'i). Under teacher review.