The gift exclusion limit is $17,000 for tax year 2023.
So for 2023. each parent can gift you $17,000, for a total of $34,000 without them having to file a gift tax return.
The gift is not taxable to you and you do not report it on your tax return.
It is not deductible for your parents. If the amount exceeds $17,000 per donor to a recipient, the donor has to file a gift tax return (form 709). That form is not supported by TurboTax.
It does not matter whether the money gifted comes from a joint account or a bank account of one of the parents.
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