I have small under the skin bump for a year now and when I squeeze on it I don't get anything except for a god awful smell. Possibilities?

Epidermoid cyst. Sebaceous cysts most often arise from swollen hair follicles. Skin trauma can also induce a cyst to form. A sac of cells is created into which a protein called keratin is secreted. These cysts are usually found on the face, neck, and trunk. They are usually slow- growing, painless, freely movable lumps beneath the skin. Occasionally, however, a cyst will become inflamed and tender.
Sebaceous cyst. It sounds like a cyst which is filled with a white material. This is benign but can easily be removed with a minor procedure in the office. Do not squeeze because it amy cause it to become infected.