I have about 700k in a tax deferred account (IRA). I am considering moving some of it to my Roth IRA. My wife has no retirement accounts. My wife and I will file taxes "married filing jointly". If the Roth conversion is not done we will be near the high end of the 22% tax bracket (for this discussion, lets say we're at the top of it, at around $168,000).
My question is, if I want to convert some of my taxed deferred IRA to Roth and stay out of the 32% bracket and only get moved up to the 24% bracket, is the $321,000 cutoff for married filing jointly the number I should consider? In other words, if we made 168k and I converted 321-168 = $153,000, would I stay in the 24% tax bracket? (For simplicity lets say I convert slightly less e.g. 150k or so to avoid being near the cutoff).