Made a mistake and selected filing status as Single instead of MFS. I did not get any tax benefit for it. My return was very simple because I only had a few W-2 forms. All the numbers stayed the same and I had same balance due(already paid) regardless if I chose Single or MFS. Should I amend in this situation?
Yes you should because it is tax fraud to claim you are single if you are legally married. And if you filed married filing separately there are rules you have to follow.
If you were legally married at the end of 2019 your filing choices are married filing jointly or married filing separately.
Married Filing Jointly is usually better, even if one spouse had little or no income. When you file a joint return, you and your spouse will get the married filing jointly standard deduction of $24,400 (+$1300 for each spouse 65 or older) You are eligible for more credits including education credits, earned income credit, child and dependent care credit, and a larger income limit to receive the child tax credit.
If you choose to file married filing separately, both spouses have to file the same way—either you both itemize or you both use standard deduction. Your tax rate will be higher than on a joint return. Some of the special rules for filing separately include: you cannot get earned income credit, education credits, adoption credits, or deductions for student loan interest. A higher percent of your Social Security benefits may be taxable. Your limit for SALT (state and local taxes and sales tax) will be only $5000 per spouse. In many cases you will not be able to take the child and dependent care credit. The amount you can contribute to a retirement account will be affected. If you live in a community property state, you will be required to provide additional information regarding your spouse’s income. ( Community property states: AZ, CA, ID, LA, NV, NM, TX, WA, WI)
If you are using online TurboTax to prepare your returns, you will need to prepare two separate returns and pay twice.
A 1040X cannot be e-filed. It must be printed and mailed. It will take about 4 months for the IRS to process an amended return. It is a good idea to use a mailing service that will track it, like UPS or certified mail, so you will know it was received.
Wait about 3 weeks from mailing and you can check the status of your amended return: