Amend returns to revoke Foreign Earned Income Exclusion for last 3 years to begin making IRA contributions

[LivingAbroad1]

Until last year, I hadn’t been able to make any contributions to my IRA.  I live abroad and have been using the FEIE.  I made a contribution in 2019 before realizing taking the FEIE then barred me from doing so.  I plan to make contributions every year from now on, so it appears I need to revoke the FEIE going forward.  (I’m open to suggestions if someone has another idea - my income is generally low, around 25K.) 

Can I amend my last 3 returns (I believe that's the maximum number of years I can go back) to revoke the FEIE?  I only made an IRA contribution for 2019, so I assume after amended it would correct the problem and I wouldn't have to pay the 6% penalty.

I understand that once you revoke the FEIE you must wait 5 years before you have the option to claim it again.  After amending the last 3 years, am I correct to assume that means I would then only have to wait 2 more years?  And after 5 years, am I simply able to begin using the FEIE again if I want, or is there some process I have to through?

Thanks in advance for any help!

[Critter-3]

Straight from the horse's mouth... Think long and hard before you make this decision it may not be worth doing.

https://www.irs.gov/individuals/international-taxpayers/revoking-your-choice-to-exclude-foreign-earn...