Art and Arlene paid $3,200 of qualified expenses for their dependent son, Albert, who is a freshman at State University. Their MAGI is $73,000, and they are married filing jointly. The couple could choose to take either an AOTC of $2,300 ($2,000 plus 25% of the next $1,200) or a lifetime learning credit of $640 ($3,200 20%), but not both.