In each of the following cases, certain qualifying education expenses were paid during the tax year for individuals who were the taxpayer, spouse, or dependent. The taxpayer has a tax liability and no other credits. Determine the amount of the American opportunity tax credit (AOTC) and/or the lifetime learning credit that should be taken in each instance. Allowable Credit Type of Credit A single individual with modified AGI of $32,900 and expenses of $3,400 for a child who is a full-time college freshman, A single individual with modified AGI of $44,500 and expenses of $3,800 for child who is a full-time college junior A couple, married filing jointly, with modified AGI of $79,300 and expenses 2,325AOTC $ 2,450AOTC expenses1,600Lifetime learming credit 1.6000|Lifetime learning credit of $8,000 for a child who is a full-time graduate student