401k to Roth IRA conversion because of lower income just this year?

[tahoe_throw]

I know that 401k to Roth IRA conversion is possible. I know that you need to pay income tax on the converted amount now (vs. when you retire). I know the conventional wisdom is that you are better off paying taxes when you retire as your income will be lower then.
This particular year (2014) my wife only worked for 1 month due to our baby born in January. Would it make sense for me to convert part of my 401k to Roth IRA and pay taxes now (i.e. this year) as our income is much lower than usual? I will have about $125k income on W2 this year, my wife usually has about a $50k/year income on W2, but this year (2014) she will only have about $7k reported on W2.

[Cheddar Stacker]

No sir. NO.

The general thought is a very good one so kudos for that. The problem is your income is too damn high to consider this. If you said you made $50k, I would say think about converting $35k ish. You need to wait until your wage disappears.