No, not correct.
If not already included, you'll need to amend your 2019 tax return to include Form 5329 Part IV to report and pay the excess contribution made for 2019. That's it for 2019.
Your 2020 tax return will include Form 5329 Part IV to report the excess contribution carried in from 2019, to add the excess contribution made for 2020 and calculate and pay the 6% excess contribution penalty on the combined total of $11,995. That's it for 2020.
On your 2021 tax return you report the regular distribution of $11,995. This distribution will appear on Form 8606 as a nontaxable distribution of contribution basis. It will also appear on Form 5329 Part IV to show that the $11,995 excess carried in from 2020 is reduced to zero by the $11,995 distribution, leaving you with no penalty for 2021.
