I just finished paying off a debt I owed to a collection agency. The original debt was for $588.00 I made payments through out 2014. February 4, 2015 I owed a remaining balance of $288.00. The company settled for $200.00 I made the payment. Now I received a letter from the company I will soon most likely receive a 1099c form. What do I do about this? Do I file this even though I already did my 2014 taxes? Or do I wait till 2015 tax season to file for it? I was told by someone I shouldn't have to file for it since it's such a small amount. I wanted to ask you since you are the expert. If you can help me with this I will truly appreciate it