1. Legally, the parent must manage the 529 for the minor. You could mail the one form and then if the IRS asks questions later, it could be cleared up.
2.I agree with you that it makes more sense to do one for each owner.
3. I recommend you remove all of the 2022 excess plus earnings before June 1, 2023 so that you are exempt from the penalty for 2022. Another option, reduce your contributions this year so you can use the excess and earnings to count towards 2023.
See Pub 970 page 43 for excess contributions and exceptions.
4. Earnings are part of the excess you need to remove but not part of the penalty on Form 5329.
Form 5329 instructions TY2021 page 6 state: If you filed your return without withdrawing the excess contributions, you can still make the withdrawal, but it must be made before June 1, 2022. If you do, file an amended return. Report any related earnings for 2021 on the amended return and include an explanation of the withdrawal. Make any other necessary changes on the amended return (for example, if you reported the contributions as excess contributions on your original return, include an amended Form 5329 reflecting that the withdrawn contributions are no longer treated as having been contributed).
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