Should you submit multiple return of excess IRA contributions forms as MAGI continues to go up?

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Is this example how you would handle MAGI decreasing allowable contribution to Roth IRA?

Round One Example:

• Contributed: $7,000
• Maximum allowed: $5,200 (due to MAGI)
• Excess contribution: $1,800
• Earnings on the excess contribution: $200

Round Two Example:

• New income reported on 1099-R: $200
• New max allowed: $5,000 (due to new MAGI)
• New excess contribution: $200
• New earnings on the excess contribution: $10

Round Three Example:

• New total income reported on 1099-R: $210
• New max allowed: $5,000 (unchanged, so the loop stops)