Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The following table displays the components of our provision for federal income taxes.

	For the Year Ended December 31,
	2021		2020		2019
	(Dollars in millions)
Current income tax benefit (provision)	$	(5,521)	$	(3,803)	$	(2,089)
Deferred income tax benefit (provision)(1)	(252)		729		(1,328)
Provision for federal income taxes	$	(5,773)	$	(3,074)	$	(3,417)

(1)Amount excludes the current income tax effect of items recognized directly in “Total stockholders' equity.”

Schedule of Effective Income Tax Rate Reconciliation

The following table displays the difference between the statutory corporate tax rate and our effective tax rate.

	For the Year Ended December 31,
	2021			2020			2019
Statutory corporate tax rate		21.0	%		21.0	%		21.0	%
Equity investments in affordable housing projects		(0.1)			(0.1)			(0.2)
Change in unrecognized tax benefits		—			—			(1.2)
Other		(0.2)			(0.2)			(0.2)
Effective tax rate		20.7	%		20.7	%		19.4	%

Schedule of Deferred Tax Assets and Liabilities

The following table displays our deferred tax assets and deferred tax liabilities.

	As of December 31,
	2021			2020
	(Dollars in millions)
Deferred tax assets:
Mortgage and mortgage-related assets		$	7,547		$	8,241
Allowance for loan losses and basis in acquired property, net		1,060			1,798
Derivative instruments		778			602
Partnership and other equity investments		88			129
Interest-only securities		3,977			2,561
Total deferred tax assets		13,450			13,331
Deferred tax liabilities:
Unrealized gains on AFS securities, net		2			20
Other, net		733			364
Total deferred tax liabilities		735			384
Deferred tax assets, net		$	12,715		$	12,947