You have an excess deferral here, not an excess contribution, and they are handled differently.
For an excess deferral that one of the employers returns by 4/15 with allocated earnings, you would add the amount of the excess to your wages for 2012, line 7 of Form 1040. Any earnings however would be added to your wages on your 2013 return. There is no 10% penalty (or 6% penalty), and you cannot roll over the distribution to an IRA.
If you opt to leave the $415 in the plan, you still must add it to line 7 of your 2012 return. The earnings stay in the plan along with the excess. Eventually, the $415 will be taxed again when you eventually distribute it in retirement or from your rollover IRA as RMDs. Therefore, the worst thing you can do is to remove it soon after 4/15. as it would then be taxed in both 2012 and 2013. The better your earnings, the more likely you might be to leave the excess deferral in the plan. If you have a loss on the excess and receive the net distribution by 4/15, you can deduct the loss on line 21 of Form 1040 in the year the excess is distributed to you.
There are no additional forms needed to report the excess, whether you request the distribution or not. The appropriate amounts just get added to line 7 of Form 1040 for the applicable year. If you remove the excess, you will not get the 1099R until Jan, 2014. If you don't, there is no 1099R, but the IRS will expect to see the additional amount on line 7 because your Code D amounts on both your W-2 forms will exceed the 17,000 limit for 2012.