I have spent much of 2010 preaching about Roth conversions.

The fact that tax rates are pretty much guaranteed to go up.  By converting now, you are locking in your tax rates and are not at the mercy of the tax increases.

The fact that most individuals are not dropping into a lower tax bracket when they retire, which was the primary reason for initially delaying the taxes paid.  To drop into the 10% tax bracket your taxable income would have to drop below $14,000 MFJ or below $7000 single.

The fact that for many, their account values are still down from the market drop and they can pay the tax on those lower values.  When the account value increases, it will all be tax free income.

The fact that Roth IRAs do not have required minimum distributions at age 70 1/2, allowing you to continue having the IRA grow tax free longer.

The fact that you can potentially avoid taxability of your Social Security benefits in the retirement years if you can get your income below the limits.

The fact that if you are no longer required to take RMDs might allow you to qualify for other types of assistance such as EPIC, low income property tax breaks, HEAP, subsidized Medicare Part D, the STAR school rebate and others.

The fact that you have some access to the funds at younger ages without incurring the early distribution penalties.

There are many reasons to do a Roth conversion.  Some of the reasons for not doing a Roth conversion include:

You currently do not have a Roth and will need access to the money within 5 years.  A Roth IRA account needs to be established for 5 years before you can pull any money out penalty free.

You anticipate that 2011 and 2012 will be higher than normal income years and will be paying taxes in a higher income tax bracket.

2011 and 2012 will be years that you will qualify for college tuition credits or other tax credits that the conversion would put you over the eligibility amount.

In all these cases you might want to consider a partial conversion however.

I see the ability to do a Roth conversion in 2010 as a premier opportunity to lower the taxes that you will pay in retirement.  Do not let this opportunity slip you by.