Negative adjusted Taxable income?

This might see like a stupid question, but say that I earned 6000 dollars this last year, if after standard deductions, my AGI is 1,000 dollars (5000 for single status), and I deduct my tuition and interest paid on student loans, minus my work study amount and grants and allowences, this gives me 1500 dollars more of a deduction. At this point my AGI is -500 dollars. Does this automatically step up to 0, or do I get a return of what I paid in taxes plus an extra 500 dollars?

*all numbers are made up to reflect a possible scenario, I have not set down to figure up any of my taxes yet.

You would enter 0. See the IRS Form 1040 (PDF)

Your post mixes “adjustments to income” and deductions and credits. Interest on student loans and the other items in Lines 23 through 36 of your 1040 are “adjustments to income”. If they result in your having an AGI less than zero, you have a “net operating loss” that can be carried into subsequent years. See Form 1045 for details.

The standard deduction and the itemized deductions on Schedule A are capped at your AGI. If you can’t use them, you lose them.

Not nessesarily. See a good tax professional.