Problem 9-50 (LO 9-3) 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 $3,000 for a child who is a full-time college freshman A single individual with modified AGl of $44,500 and expenses of $3,200 for a child who is a full-time college junior A modified AGl of $79,300 and expenses of couple, married filing jointly, with | $7,500 for a child who 1s a full-time graduate student