401k Rollover

Has anyone ever rolled over their 401k into a Roth IRA? I have some money in my 401k and was thinking that if I were to go to business school, I'd roll my 401k into a Roth IRA as that's the year my income would be lowest, and hence the taxes on the rollover would be low. 

Curious to hear everyone's thoughts as this seems like a good way to save on taxes and also gives me incentive to go outside of NYC for business school. Maybe there are some restrictions that I'm unaware of.

 

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