Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024	2023	2022
	(Dollars in millions)
Current income tax benefit (provision)	$(3,154)	$(3,317)	$(3,505)
Deferred income tax benefit (provision)(1)	(1,137)	(1,231)	195
Provision for federal income taxes	$(4,291)	$(4,548)	$(3,310)

(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,
	2024			2023			2022
Statutory corporate tax rate		21.0	%		21.0	%		21.0	%
Research tax credits		(0.3)			(0.2)			(1.5)
Equity investments in affordable housing projects		(0.3)			(0.2)			(0.1)
Valuation allowance		(0.1)			0.1			0.7
Other		(0.1)			—			0.3
Effective tax rate		20.2	%		20.7	%		20.4	%

Schedule of Deferred Tax Assets and Liabilities

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

	As of December 31,
	2024		2023
	(Dollars in millions)
Deferred tax assets:
Mortgage and mortgage-related assets		$5,060		$5,944
Allowance for loan losses and basis in acquired property, net		1,392		1,571
Derivative instruments		291		766
Partnership and other equity investments		9		21
Interest-only securities		3,982		3,801
Other, net		749		617
Total deferred tax assets		11,483		12,720
Deferred tax liabilities:
Debt instruments		811		894
Valuation allowance		(127)		(145)
Deferred tax assets, net		$10,545		$11,681