What contribution amount did Jill make to her IRA?

The correct contribution amount of $1,000 to Jill's Individual Retirement Account (IRA) is in line with the annual contribution limits set by the IRS for individuals under the age of 50. For the tax year 2023, the annual contribution limit for IRAs is generally $6,500, but individuals aged 50 and above have a catch-up contribution limit allowing them to contribute an additional $1,000, making it $7,500 in total.

In Jill's case, contributed $1,000 could indicate that she is either contributing for the first time or is adhering to the standard contribution limit without the catch-up provision, which is a common scenario for many individuals who are building their retirement savings. Knowing the IRA contribution limits helps individuals optimize their retirement savings and plan for their financial futures appropriately, which is crucial in a retirement strategy.

Understanding the specific context of Jill's situation—factors such as her age, income, and whether she has made contributions in previous years—could offer more nuance to her contribution decision, but in a straightforward interpretation, the $1,000 figure represents a common and reasonable contribution to an IRA within the established guidelines.