May the taxpayer take both a Hope and a lifetime learning credit for the same dependent?

A taxpayer pays $1,000 for his dependent's spring semester at college, which completes his second year. He pays $1,000 in late fall for his dependent's start of a third year in college. May the taxpayer take both a Hope credit and a lifetime learning credit for the same dependent?

The interplay between the education credits is very difficult to follow — especially if you take into account the education IRA and the 529 plans.

So, to the question at hand. No, you can not take both the Hope and the lifetime learning credit in the same taxable year. Taxpayers are allowed only one credit at a time.