We are retired and considering an IRA conversion. Our 2009 Adj Gross Inc was $75,000. If our AGI is the same for 2010 ($75,000) and we convert a $175,000 IRA to a Roth … will our taxable income be $250,000? = putting us in the 34% tax bracket? Will we owe $85,000 for Fed income tax? Yes, I know about the 2 yr deal this yr, but do I have the right thinking as the Roth is paid for?