Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The following table displays the components of our provision (benefit) for federal income taxes for the years ended December 31, 2014, 2013 and 2012.



	For the Year Ended December 31,
	2014			2013				2012
	(Dollars in millions)
Current income tax provision		$	1,879		$	3,067			$	—
Deferred income tax provision (benefit)⁽¹⁾		5,062			(48,482		)		—
Provision (benefit) for federal income taxes		$	6,941		$	(45,415	)		$	—

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⁽¹⁾	Amount excludes the income tax effect of items recognized directly in “Fannie Mae stockholders’ equity.”

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table displays the difference between our effective tax rates and the statutory federal tax rates for the years ended December 31, 2014, 2013 and 2012, respectively.



	For the Year Ended December 31,
	2014				2013				2012
Statutory corporate tax rate		35.0		%		35.0		%		35.0		%
Equity investments in affordable housing projects		(1.8	)			(1.5	)			(3.9	)
Other		1.4				—				(0.5	)
Valuation allowance		(1.8	)			(151.3	)			(30.6	)
Effective tax rate		32.8		%		(117.8	)	%		—		%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The following table displays our deferred tax assets, deferred tax liabilities and valuation allowance as of December 31, 2014 and 2013.



		As of December 31,
		2014				2013
	(Dollars in millions)
Deferred tax assets:
Allowance for loan losses and basis in acquired property, net			$	17,435			$	20,918
Mortgage and mortgage-related assets			16,250				16,350
Debt and derivative instruments			4,254				3,958
Partnership credits			2,918				4,172
Partnership and other equity investments			934				1,255
Other, net			1,699				2,300
Total deferred tax assets			43,490				48,953
Deferred tax liabilities:
Unrealized gains on AFS securities, net			1,134				868
Total deferred tax liabilities			1,134				868
Valuation allowance			(150		)		(525		)
Deferred tax assets, net			$	42,206			$	47,560

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

The following table displays the changes in our unrecognized tax benefits for the years ended December 31, 2014, 2013 and 2012, respectively.



	For the Year Ended December 31,
	2014				2013				2012
	(Dollars in millions)
Unrecognized tax benefits as of January 1		$	514			$	648			$	758
Gross decreases—tax positions in prior years		(301		)		(134		)		(110		)
Unrecognized tax benefits as of December 31⁽¹⁾		$	213			$	514			$	648

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⁽¹⁾	Amounts exclude tax credits of $91 million and $220 million as of December 31, 2014 and 2013, respectively, and exclude tax credits and net operating losses of $648 million as of December 31, 2012.