optimus wrote:I will not hit the next bracket. My salary is around $70K and my IRA account is around $5K.
Another reason to check with tax software is to see how the change interacts with other tax provisions. For example, if you are single, increasing your income from $70,000 to $75,000 will reduce the amount of student loan interest you can deduct, and will reduce the Lifetime Learning Credit; thus you might wind up paying more than 25% of the $5000 in tax if you claim either of those benefits.
Check your state taxes as well; not all states tax IRA conversions, and states which do tax them may have different rules. (In NJ, for example, all IRAs are considered non-deductible, so if you contributed $5000 to an IRA last year and convert it for $5400 this year, you owe tax only on $400 because you didn't deduct the $5000 when you made the contribution.)