Are there any tax implications on my side in USA if I send more than 15k in a calendar year.
Unless you have gifted over $12.92 million dollars during your lifetime as of 2023 there will not be any gift taxes owed.
However, if the gift in 2023 is over $17,000 to a single individual during the tax year then you are required to report the gift given to the IRS using Form 709.
Form 709 is not supported by TurboTax. The form is mailed to the IRS separately form your tax return to the IRS address noted in the Form instructions.
IRS Form 709 for tax year 2022 - https://www.irs.gov/forms-pubs/about-form-709
The IRS Form 709 for tax year 2023 will be usually available in late December or in January of 2024.
As DoninGA mentioned, the gift tax exclusion for 2023 is $17,000. Note that DoninGA said "over $17,000 to a single individual." If you send, for example, $15,000 to your father and separately send $15,000 to your mother, you will not have exceeded the exclusion because you did not send more than $17,000 to a single individual.
And if you are married you can both send the max to each parent. Which could increase it to 17,000 x 4 = 68,000.
This is very helpful. My parents live in India and it seems, both my wife and I can give them 17K X 4 times without files the additional tax form. If we do go above this limit, as long as we are under the lifetime allowed limit, there will not be any tax applied on that either?
Thank you