You can do one of two things and both will produce a 2021 1099-R that you will not receive until Jan of 2022.
1) Request a "Return of Contribution" plus earnings (not a regular distribution) from the IRA custodian. Only the interest (earnings) will be taxable and possible have a early distribution penalty of you are under age 59 1/2.
2) Ask the IRA custodian to recharacterize the excess Roth plus earnings to a Traditional IRA. Then there is no tax at all and the earnings are simply transferred to the Traditional IRA. If you have NO other Traditional IRA accounts anywhere then you could have that Traditional IRA converted to a Roth IRA (known as a backdoor Roth) if you choose to make the recharactorized contribution non-deductible. The tax on the conversion will be offset by the non-deductible contributions. (You do not need to do the conversion and just leave the money in the Traditional IRA.)
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
