Yes, it's necessary if you are required to file a tax return. For individual filing requirements see Do I need to file a federal return this year?
If you are a dependent, see Do I need to file my own taxes if I'm a dependent? for the filing requirements.
If you are required to file a tax return, to enter your 1099-B from Wells Fargo, see Where do I enter a 1099-B?
Related information:
