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Download a copy of Publication 54, which explains much of the "mystery" of filing from overseas.

You don't subtract your interest received from your standard deduction - it's the other way around. Subtract the standard deduction from your AGI (which in your case appears to be your interest income). You should get a whopping big negative number. Following down the rest of the form, it says in a couple places "if the result is negative, enter -0-."

The point of the exercise is basically to get your "taxable income" figure to 0 and then you're home free.
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