"if my total taxable income, including the IRA withdrawal, doesn’t exceed my standard deduction, I wouldn’t owe income taxes on the conversion. Is this true?"
True. The standard deduction is subtracted from your AGI in calculating your taxable income. You would not have any income tax on Form 1040 line 16 if your taxable income on line 15 is zero. Be aware, though, that the increase in your income from the Roth conversion could have side effects that increase your AGI by more than the amount of the Roth conversion (such as an increase in the amount of taxable Social Security benefits if you receive such benefits), so it's best to prepare a simulated tax return using the CD/download version of TurboTax to check for such things.
