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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of components of income tax provision
Details of the Company’s income tax provision are presented below:

In millions of dollars202220212020
Current   
Federal$407 $522 $305 
Non-U.S.4,106 3,288 4,113 
State270 228 440 
Total current income taxes$4,783 $4,038 $4,858 
Deferred 
Federal$(807)$1,059 $(1,430)
Non-U.S.353 (690)
State(687)346 (213)
Total deferred income taxes$(1,141)$1,413 $(2,333)
Provision for income tax on continuing operations before noncontrolling interests(1)
$3,642 $5,451 $2,525 
Provision (benefit) for income taxes on:
Discontinued operations$(41)$— $— 
Gains (losses) included in AOCI, but excluded from net income
(1,573)(1,684)1,520 
Employee stock plans(8)(6)(4)
Opening adjustment to Retained earnings(2)
 — (911)

(1)Includes the tax on realized investment gains and impairment losses resulting in a provision (benefit) of $14 million and $(137) million in 2022, $169 million and $(57) million in 2021 and $454 million and $(14) million in 2020, respectively.
(2)2020 reflects the tax effect of ASU 2016-13 for current expected credit losses (CECL).
Schedule of effective income tax rate reconciliation
The reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate applicable to income from continuing operations (before noncontrolling interests and the cumulative effect of accounting changes) for each of the periods indicated is as follows:

 202220212020
Federal statutory rate21.0 %21.0 %21.0 %
State income taxes, net of federal benefit2.0 2.1 1.3 
Non-U.S. income tax rate differential4.3 1.6 3.5 
Tax audit resolutions(3.2)(0.4)0.3 
Nondeductible FDIC premiums1.0 0.6 1.3 
Tax advantaged investments(3.0)(2.3)(4.4)
Valuation allowance releases(1)
(2.3)(1.7)(4.4)
Other, net(0.4)(1.1)(0.1)
Effective income tax rate19.4 %19.8 %18.5 %

(1)See “Deferred Tax Assets” below for a description of the components.
Schedule of deferred tax assets and liabilities
Deferred income taxes at December 31 related to the following:

In millions of dollars20222021
Deferred tax assets  
Credit loss deduction$5,162 $5,330 
Deferred compensation and employee benefits2,059 2,335 
U.S. tax on non-U.S. earnings1,191 1,138 
Investment and loan basis differences5,149 2,970 
Tax credit and net operating loss carry-forwards14,623 15,620 
Fixed assets and leases3,551 3,064 
Other deferred tax assets4,055 3,549 
Gross deferred tax assets$35,790 $34,006 
Valuation allowance$2,438 $4,194 
Deferred tax assets after valuation allowance$33,352 $29,812 
Deferred tax liabilities 
Intangibles and leases$(2,271)$(2,446)
Non-U.S. withholding taxes(1,142)(987)
Debt issuances(595)(126)
Other deferred tax liabilities(1,672)(1,464)
Gross deferred tax liabilities$(5,680)$(5,023)
Net deferred tax assets$27,672 $24,789 
Summary of unrecognized tax benefits
The following is a rollforward of the Company’s unrecognized tax benefits:

In millions of dollars202220212020
Total unrecognized tax benefits at January 1$1,296 $861 $721 
Increases for current year’s tax positions55 97 51 
Increases for prior years’ tax positions168 515 217 
Decreases for prior years’ tax positions(119)(107)(74)
Amounts of decreases relating to settlements(50)(64)(40)
Reductions due to lapse of statutes of limitation(26)(2)(13)
Foreign exchange, acquisitions and dispositions(13)(4)(1)
Total unrecognized tax benefits at December 31$1,311 $1,296 $861 
Schedule of income tax penalties and interest accrued Interest and penalties (not included in unrecognized tax benefits above) are a component of Provision for income taxes
 202220212020
In millions of dollarsPretaxNet of taxPretaxNet of taxPretaxNet of tax
Total interest and penalties on the Consolidated Balance Sheet at January 1$214 $164 $118 $96 $100 $82 
Total interest and penalties in the Consolidated Statement of Income27 16 32 24 14 10 
Total interest and penalties on the Consolidated Balance Sheet at December 31(1)
234 176 214 164 118 96 

(1)Includes $3 million, $3 million and $4 million for non-U.S. penalties in 2022, 2021 and 2020, respectively. Also includes $0 million, $0 million and $1 million for state penalties in 2022, 2021 and 2020, respectively.
Schedule of major jurisdictions and earliest tax year subject to examination
The following are the major tax jurisdictions in which the Company and its affiliates operate and the earliest tax year subject to examination:

JurisdictionTax year
United States2016
Mexico2017
New York State and City2009
United Kingdom2016
India2021
Singapore2021
Hong Kong2016
Ireland2018
Schedule of deferred tax assets and liabilities by jurisdiction
The following table summarizes Citi’s DTAs:

In billions of dollars
Jurisdiction/component(1)
DTAs balance December 31, 2022DTAs balance December 31, 2021
U.S. federal(2)
  
Net operating losses (NOLs)(3)
$3.3 $3.2 
Foreign tax credits (FTCs)1.9 2.8 
General business credits (GBCs)5.2 4.5 
Future tax deductions and credits10.1 8.4 
Total U.S. federal$20.5 $18.9 
State and local
New York NOLs$1.9 $1.2 
Other state NOLs0.2 0.2 
Future tax deductions2.2 1.8 
Total state and local$4.3 $3.2 
Non-U.S. 
NOLs$0.7 $0.5 
Future tax deductions2.2 2.2 
Total non-U.S.$2.9 $2.7 
Total$27.7 $24.8 

(1)All amounts are net of valuation allowances.
(2)Included in the net U.S. federal DTAs of $20.5 billion as of December 31, 2022 were deferred tax liabilities of $3.3 billion that will reverse in the relevant carry-forward period and may be used to support the DTAs.
(3)Consists of non-consolidated tax return NOL carry-forwards that are eventually expected to be utilized in Citigroup’s consolidated tax return.
Summary of tax carryforwards
The following table summarizes the amounts of tax carry-forwards and their expiration dates: 

In billions of dollars
Year of expirationDecember 31, 2022December 31, 2021
U.S. tax return general basket foreign tax credit carry-forwards(1)
  
2022$ $0.5 
2023 0.4 
20250.8 1.5 
20271.1 1.1 
Total U.S. tax return general basket foreign tax credit carry-forwards$1.9 $3.5 
U.S. tax return branch basket foreign tax credit carry-forwards(1)
  
2022$ $1.0 
20280.7 0.6 
20290.2 0.2 
Total U.S. tax return branch basket foreign tax credit carry-forwards$0.9 $1.8 
U.S. tax return general business credit carry-forwards
2032$0.4 $0.4 
20330.3 0.3 
20340.2 0.2 
20350.2 0.2 
20360.2 0.2 
20370.5 0.5 
20380.5 0.5 
20390.7 0.7 
20400.7 0.7 
20410.8 0.8 
20420.7 — 
Total U.S. tax return general business credit carry-forwards$5.2 $4.5 
U.S. subsidiary separate federal NOL carry-forwards  
2027$0.1 $0.1 
20280.1 0.1 
20300.3 0.3 
20331.6 1.6 
20342.0 2.0 
20353.3 3.3 
20362.1 2.1 
20371.0 1.0 
Unlimited carry-forward period5.3 4.6 
Total U.S. subsidiary separate federal NOL carry-forwards(2)
$15.8 $15.1 
New York State NOL carry-forwards(2)
  
2034$11.5 $6.6 
New York City NOL carry-forwards(2)
 
2034$10.3 $7.2 
Non-U.S. NOL carry-forwards(1)
  
Various$1.1 $1.1 

(1)Before valuation allowance.
(2)Pretax.