1. FAR too late to recharacterize. The last possible date for doing so was October 15, 2018.
2. Correct. Assuming that the excess cannot be applied as part of a Roth contribution for 2018, 2019 or 2020, the excess-contribution for 2020 and beyond can only be eliminated by making a distribution equal to the amount of the excess, with no adjustment for gain or loss. The distribution will not be taxable because it will be a distribution of your contribution basis. Except for being able to apply the excess as part of a Roth IRA contribution for 2018 or 2019, nothing can be done now that will eliminate the penalties on this excess for 2018 or 2019.
