How to Evaluate the Long-Term Value of Roth Contributions vs. Roth Conversions?

Question: (Diana, WI) Hi Joe, Big Al and Andi, really enjoy the show...Thanks for the laughs and wisdom (aka NOT financial advice). Assuming all is good with meeting income requirements and yada, yada considerations, instead of putting some or all of the $7K I'm eligible to put into my ROTH IRA for 2022, should I consider using those funds towards my tax liability for executing a full or partial conversion from a traditional IRA to an existing ROTH IRA? How can I evaluate the long term value of making a contribution vs a conversion? My husband and I are both 54 with plans to work until 65. Our AGI for 2022 should be down due to having another dependent to claim (no, not a baby at our ages, a 2nd kiddo returning to college FT). The sum total of our deductions will be worth itemizing for 2022. Plus, the account balance is down. We drive our Hondas into the ground: a 2013 Odyssey, 2013 CRV and 2012 Civic. Our rescued pups, a Poodle and a Malti-Poo (that's a Maltese Poodle mix), get pretty anxious on car rides. Maybe if I shared a smooth Brandy Old Fashioned Sweet with them they'd enjoy the ride more. - Another of your Wisconsin listeners, Diana (spelled like the Princess, with ONE n)

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