One megabyte is enough for a full-resolution phone photo at high quality. It is the upper end of the range we recommend for Instagram, and the most common cap on form builders, CMS uploads and classified ad sites. When a photo is already under 1 MB the tool re-encodes it at the best quality that fits, so nothing is lost.
At 1 MB you can expect full phone resolution for most photos, about 2000 to 2500 px. The exact number depends on how much fine detail the image has: skies and plain walls compress well, foliage and fabric don't.
Tip: If you are posting to Instagram, use the homepage presets instead: they also crop to the right ratio and resize to 1080 px, which matters more than the file size.