@JoeRJGR
When you enter a 1099-MISC you are asked a series of test questions. These are mandated by the IRS and are used to determine whether this income was earned from working. I don’t have the exact questions handy but they are something like, “Did you intend to earn money?”, “Did you do similar work last year or will you do similar work next year?” You have to answer no to all of these types of questions to avoid treating the 1099 as self-employment income. While you may intend to earn interest in the general sense of the term “earn”, and you certainly hope to earn interest in the future, it is not income earned from working, which has a particular meaning in the tax code.
