diff --git a/base/client.jl b/base/client.jl
index 86e8ba25e77ae9..fc34a8cfda5dc4 100644
--- a/base/client.jl
+++ b/base/client.jl
@@ -81,7 +81,6 @@ end
 
 # deprecated function--preserved for DocTests.jl
 function ip_matches_func(ip, func::Symbol)
-    ip isa InterpreterIP || (ip -= 1)
     for fr in StackTraces.lookupat(ip)
         if fr === StackTraces.UNKNOWN || fr.from_c
             return false
diff --git a/base/deprecated.jl b/base/deprecated.jl
index a6dca85091e558..e38bebac2d8167 100644
--- a/base/deprecated.jl
+++ b/base/deprecated.jl
@@ -102,7 +102,6 @@ function firstcaller(bt::Vector, funcsyms)
     # Identify the calling line
     found = false
     for ip in bt
-        ip isa Base.InterpreterIP || (ip -= 1) # convert from return stack to call stack (for inlining info)
         lkups = StackTraces.lookupat(ip)
         for lkup in lkups
             if lkup == StackTraces.UNKNOWN || lkup.from_c
diff --git a/base/errorshow.jl b/base/errorshow.jl
index 61ec32faee7767..241f46237fb249 100644
--- a/base/errorshow.jl
+++ b/base/errorshow.jl
@@ -611,10 +611,8 @@ function process_backtrace(t::Vector, limit::Int=typemax(Int); skipC = true)
         lkups = t[i]
         if lkups isa StackFrame
             lkups = [lkups]
-        elseif lkups isa Base.InterpreterIP
-            lkups = StackTraces.lookupat(lkups)
         else
-            lkups = StackTraces.lookupat(lkups - 1)
+            lkups = StackTraces.lookupat(lkups)
         end
         for lkup in lkups
             if lkup === StackTraces.UNKNOWN
diff --git a/base/stacktraces.jl b/base/stacktraces.jl
index cd0c0d45462f8b..8d2ba609e911d0 100644
--- a/base/stacktraces.jl
+++ b/base/stacktraces.jl
@@ -73,7 +73,7 @@ An alias for `Vector{StackFrame}` provided for convenience; returned by calls to
 const StackTrace = Vector{StackFrame}
 
 const empty_sym = Symbol("")
-const UNKNOWN = StackFrame(empty_sym, empty_sym, -1, nothing, true, false, 0) # === lookup(C_NULL)
+const UNKNOWN = StackFrame(empty_sym, empty_sym, -1, nothing, true, false, 0) # === lookupat(C_NULL)
 
 
 #=
@@ -96,7 +96,7 @@ end
 
 
 """
-    lookupat(pointer::Union{Ptr{Cvoid}, UInt}) -> Vector{StackFrame}
+    lookupat(pointer::Ptr{Cvoid}) -> Vector{StackFrame}
 
 Given a pointer to an execution context (usually generated by a call to `backtrace`), looks
 up stack frame context information. Returns an array of frame information for all functions
@@ -188,7 +188,6 @@ trace, `stacktrace` first calls `backtrace`.
 function stacktrace(trace::Vector{<:Union{Base.InterpreterIP,Ptr{Cvoid}}}, c_funcs::Bool=false)
     stack = StackTrace()
     for ip in trace
-        ip isa Base.InterpreterIP || (ip -= 1) # convert from return stack to call stack (for inlining info)
         for frame in lookupat(ip)
             # Skip frames that come from C calls.
             if c_funcs || !frame.from_c
diff --git a/doc/src/manual/stacktraces.md b/doc/src/manual/stacktraces.md
index bfbe1ceb58c507..852bbcef18e9a3 100644
--- a/doc/src/manual/stacktraces.md
+++ b/doc/src/manual/stacktraces.md
@@ -305,7 +305,7 @@ s by passing them into [`StackTraces.lookupat`](@ref):
 ```julia-repl
 julia> pointer = backtrace()[1];
 
-julia> frame = StackTraces.lookupat(pointer - 1)
+julia> frame = StackTraces.lookupat(pointer)
 1-element Array{Base.StackTraces.StackFrame,1}:
  jl_apply_generic at gf.c:2167
 
diff --git a/src/interpreter-stacktrace.c b/src/interpreter-stacktrace.c
index c15fbbc6f4ef95..18cd5f4243fc14 100644
--- a/src/interpreter-stacktrace.c
+++ b/src/interpreter-stacktrace.c
@@ -397,13 +397,14 @@ JL_DLLEXPORT size_t jl_capture_interp_frame(uintptr_t *data, uintptr_t sp, uintp
 #else
     interpreter_state *s = (interpreter_state *)(sp+TOTAL_STACK_PADDING);
 #endif
-    if (space_remaining <= 1)
+    int required_space = 3;
+    if (space_remaining < required_space)
         return 0;
     // Sentinel value to indicate an interpreter frame
     data[0] = JL_BT_INTERP_FRAME;
     data[1] = s->mi ? (uintptr_t)s->mi : s->src ? (uintptr_t)s->src : (uintptr_t)jl_nothing;
     data[2] = (uintptr_t)s->ip;
-    return 2;
+    return required_space;
 }
 
 extern void * CALLBACK_ABI enter_interpreter_frame(void * CALLBACK_ABI (*callback)(interpreter_state *, void *), void *arg);
@@ -420,6 +421,7 @@ JL_DLLEXPORT int jl_is_enter_interpreter_frame(uintptr_t ip)
 
 JL_DLLEXPORT size_t jl_capture_interp_frame(uintptr_t *data, uintptr_t sp, uintptr_t fp, size_t space_remaining)
 {
+    // Leave bt_entry[0] as the native instruction ptr
     return 0;
 }
 #define CALLBACK_ABI
diff --git a/src/julia_internal.h b/src/julia_internal.h
index 8a48fed9b3f596..07f85dfa36fc58 100644
--- a/src/julia_internal.h
+++ b/src/julia_internal.h
@@ -636,10 +636,12 @@ typedef int bt_cursor_t;
 #endif
 // Special marker in backtrace data for encoding interpreter frames
 #define JL_BT_INTERP_FRAME (((uintptr_t)0)-1)
-size_t rec_backtrace(uintptr_t *data, size_t maxsize) JL_NOTSAFEPOINT;
-size_t rec_backtrace_ctx(uintptr_t *data, size_t maxsize, bt_context_t *ctx, int add_interp_frames) JL_NOTSAFEPOINT;
+// Maximum number of elements of bt_data taken up by interpreter frame
+#define JL_BT_MAX_ENTRY_SIZE 3
+size_t rec_backtrace(uintptr_t *bt_data, size_t maxsize) JL_NOTSAFEPOINT;
+size_t rec_backtrace_ctx(uintptr_t *bt_data, size_t maxsize, bt_context_t *ctx, int add_interp_frames) JL_NOTSAFEPOINT;
 #ifdef LIBOSXUNWIND
-size_t rec_backtrace_ctx_dwarf(uintptr_t *data, size_t maxsize, bt_context_t *ctx, int add_interp_frames) JL_NOTSAFEPOINT;
+size_t rec_backtrace_ctx_dwarf(uintptr_t *bt_data, size_t maxsize, bt_context_t *ctx, int add_interp_frames) JL_NOTSAFEPOINT;
 #endif
 JL_DLLEXPORT void jl_get_backtrace(jl_array_t **bt, jl_array_t **bt2);
 void jl_critical_error(int sig, bt_context_t *context, uintptr_t *bt_data, size_t *bt_size);
diff --git a/src/stackwalk.c b/src/stackwalk.c
index 7dad4e0436a6c3..3d271728dbc0c3 100644
--- a/src/stackwalk.c
+++ b/src/stackwalk.c
@@ -27,12 +27,28 @@ extern "C" {
 static int jl_unw_init(bt_cursor_t *cursor, bt_context_t *context) JL_NOTSAFEPOINT;
 static int jl_unw_step(bt_cursor_t *cursor, uintptr_t *ip, uintptr_t *sp, uintptr_t *fp) JL_NOTSAFEPOINT;
 
-size_t jl_unw_stepn(bt_cursor_t *cursor, uintptr_t *ip, uintptr_t *sp, size_t maxsize, int add_interp_frames) JL_NOTSAFEPOINT
+// Record backtrace entries into bt_data by stepping cursor with jl_unw_step
+// until the outermost frame is encountered or the buffer bt_data is (close to)
+// full. Native instruction pointers are adjusted to point to the address of
+// the call instruction.
+//
+// `maxsize` is the size of the buffer `bt_data` (and `sp` if non-NULL). It
+// must be at least JL_BT_MAX_ENTRY_SIZE to accommodate extended backtrace
+// entries.  If `sp != NULL`, the stack pointer corresponding `bt_data[i]` is
+// stored in `sp[i]`.
+//
+// jl_unw_stepn will return 1 if there are more frames to come. The number of
+// elements of bt_data (and sp if non-NULL) which were used are returned in
+// bt_size.
+int jl_unw_stepn(bt_cursor_t *cursor, uintptr_t *bt_data, size_t *bt_size,
+                 uintptr_t *sp, size_t maxsize, int add_interp_frames) JL_NOTSAFEPOINT
 {
     jl_ptls_t ptls = jl_get_ptls_states();
     volatile size_t n = 0;
-    uintptr_t thesp;
-    uintptr_t thefp;
+    volatile int need_more_space = 0;
+    uintptr_t return_ip = 0;
+    uintptr_t thesp = 0;
+    uintptr_t thefp = 0;
 #if defined(_OS_WINDOWS_) && !defined(_CPU_X86_64_)
     assert(!jl_in_stackwalk);
     jl_in_stackwalk = 1;
@@ -44,21 +60,52 @@ size_t jl_unw_stepn(bt_cursor_t *cursor, uintptr_t *ip, uintptr_t *sp, size_t ma
         ptls->safe_restore = &buf;
 #endif
         while (1) {
-           if (n >= maxsize) {
-               n = maxsize; // return maxsize + 1 if ran out of space
-               break;
-           }
-           if (!jl_unw_step(cursor, &ip[n], &thesp, &thefp))
-               break;
-           if (sp)
-               sp[n] = thesp;
-           if (add_interp_frames && jl_is_enter_interpreter_frame(ip[n])) {
-               n += jl_capture_interp_frame(&ip[n], thesp, thefp, maxsize-n-1) + 1;
-           } else {
-               n++;
-           }
+            if (n + JL_BT_MAX_ENTRY_SIZE > maxsize) {
+                // Postpone advancing the cursor: may need more space
+                need_more_space = 1;
+                break;
+            }
+            int have_more_frames = jl_unw_step(cursor, &return_ip, &thesp, &thefp);
+            if (sp)
+                sp[n] = thesp;
+            // For the purposes of looking up debug info for functions, we want
+            // to harvest addresses for the *call* instruction `call_ip` during
+            // stack walking.  However, this information isn't directly
+            // available. Instead, the stack walk discovers the address
+            // `return_ip` which would be *returned to* as the stack is
+            // unwound.
+            //
+            // To infer `call_ip` in full generality we would need to
+            // understand each platform ABI instruction pointer encoding and
+            // calling conventions, noting that these may vary per stack frame.
+            // (For example signal frames on linux x86_64 have `call_ip ==
+            // return_ip`, and ARM thumb instruction pointers use the low bit
+            // as a flag which must be cleared before further use.)
+            //
+            // However for our current purposes it seems sufficient to assume
+            // that `call_ip = return_ip-1`. See also:
+            //
+            // * The LLVM unwinder functions step() and setInfoBasedOnIPRegister()
+            //   https://github.com/llvm/llvm-project/blob/master/libunwind/src/UnwindCursor.hpp
+            // * The way that libunwind handles it in `unw_get_proc_name`:
+            //   https://lists.nongnu.org/archive/html/libunwind-devel/2014-06/msg00025.html
+            uintptr_t call_ip = return_ip - 1;
+            if (call_ip == JL_BT_INTERP_FRAME) {
+                // Never leave special marker in the bt data as it can corrupt the GC.
+                call_ip = 0;
+            }
+            uintptr_t *bt_entry = bt_data + n;
+            size_t entry_sz = 0;
+            if (add_interp_frames && jl_is_enter_interpreter_frame(call_ip) &&
+                (entry_sz = jl_capture_interp_frame(bt_entry, thesp, thefp, maxsize-n)) != 0) {
+                n += entry_sz;
+            } else {
+                *bt_entry = call_ip;
+                n++;
+            }
+            if (!have_more_frames)
+                break;
         }
-        n++;
 #if !defined(_OS_WINDOWS_)
     }
     else {
@@ -73,26 +120,27 @@ size_t jl_unw_stepn(bt_cursor_t *cursor, uintptr_t *ip, uintptr_t *sp, size_t ma
 #if defined(_OS_WINDOWS_) && !defined(_CPU_X86_64_)
     jl_in_stackwalk = 0;
 #endif
-    return n;
+    *bt_size = n;
+    return need_more_space;
 }
 
-size_t rec_backtrace_ctx(uintptr_t *data, size_t maxsize,
+size_t rec_backtrace_ctx(uintptr_t *bt_data, size_t maxsize,
                          bt_context_t *context, int add_interp_frames)
 {
-    size_t n = 0;
+    size_t bt_size = 0;
     bt_cursor_t cursor;
     if (!jl_unw_init(&cursor, context))
         return 0;
-    n = jl_unw_stepn(&cursor, data, NULL, maxsize, add_interp_frames);
-    return n > maxsize ? maxsize : n;
+    jl_unw_stepn(&cursor, bt_data, &bt_size, NULL, maxsize, add_interp_frames);
+    return bt_size;
 }
 
-size_t rec_backtrace(uintptr_t *data, size_t maxsize)
+size_t rec_backtrace(uintptr_t *bt_data, size_t maxsize)
 {
     bt_context_t context;
     memset(&context, 0, sizeof(context));
     jl_unw_get(&context);
-    return rec_backtrace_ctx(data, maxsize, &context, 1);
+    return rec_backtrace_ctx(bt_data, maxsize, &context, 1);
 }
 
 static jl_value_t *array_ptr_void_type JL_ALWAYS_LEAFTYPE = NULL;
@@ -114,18 +162,27 @@ JL_DLLEXPORT jl_value_t *jl_backtrace_from_here(int returnsp)
     memset(&context, 0, sizeof(context));
     jl_unw_get(&context);
     if (jl_unw_init(&cursor, &context)) {
-        size_t n = 0, offset = 0;
-        do {
+        size_t offset = 0;
+        while (1) {
             jl_array_grow_end(ip, maxincr);
-            if (returnsp) jl_array_grow_end(sp, maxincr);
-            n = jl_unw_stepn(&cursor, (uintptr_t*)jl_array_data(ip) + offset,
-                    returnsp ? (uintptr_t*)jl_array_data(sp) + offset : NULL, maxincr, 1);
-            offset += maxincr;
-        } while (n > maxincr);
-        jl_array_del_end(ip, maxincr - n);
-        if (returnsp) jl_array_del_end(sp, maxincr - n);
+            uintptr_t *sp_ptr = NULL;
+            if (returnsp) {
+                sp_ptr = (uintptr_t*)jl_array_data(sp) + offset;
+                jl_array_grow_end(sp, maxincr);
+            }
+            size_t size_incr = 0;
+            int need_more_space = jl_unw_stepn(&cursor, (uintptr_t*)jl_array_data(ip) + offset,
+                                               &size_incr, sp_ptr, maxincr, 1);
+            offset += size_incr;
+            if (!need_more_space) {
+                jl_array_del_end(ip, jl_array_len(ip) - offset);
+                if (returnsp)
+                    jl_array_del_end(sp, jl_array_len(sp) - offset);
+                break;
+            }
+        }
 
-        n = 0;
+        size_t n = 0;
         while (n < jl_array_len(ip)) {
             if ((uintptr_t)jl_array_ptr_ref(ip, n) == JL_BT_INTERP_FRAME) {
                 jl_array_ptr_1d_push(bt2, jl_array_ptr_ref(ip, n+1));
@@ -331,9 +388,7 @@ static int jl_unw_step(bt_cursor_t *cursor, uintptr_t *ip, uintptr_t *sp, uintpt
     *sp = (uintptr_t)cursor->stackframe.AddrStack.Offset;
     if (fp)
         *fp = (uintptr_t)cursor->stackframe.AddrFrame.Offset;
-    if (*ip == 0 || *ip == JL_BT_INTERP_FRAME) {
-        // don't leave special marker in the bt data as it can corrupt the GC.
-        *ip = 0;
+    if (*ip == 0) {
         if (!readable_pointer((LPCVOID)*sp))
             return 0;
         cursor->stackframe.AddrPC.Offset = *(DWORD32*)*sp;      // POP EIP (aka RET)
@@ -349,9 +404,7 @@ static int jl_unw_step(bt_cursor_t *cursor, uintptr_t *ip, uintptr_t *sp, uintpt
     *sp = (uintptr_t)cursor->Rsp;
     if (fp)
         *fp = (uintptr_t)cursor->Rbp;
-    if (*ip == 0 || *ip == JL_BT_INTERP_FRAME) {
-        // don't leave special marker in the bt data as it can corrupt the GC.
-        *ip = 0;
+    if (*ip == 0) {
         if (!readable_pointer((LPCVOID)*sp))
             return 0;
         cursor->Rip = *(DWORD64*)*sp;      // POP RIP (aka RET)
@@ -404,8 +457,7 @@ static int jl_unw_step(bt_cursor_t *cursor, uintptr_t *ip, uintptr_t *sp, uintpt
     unw_word_t reg;
     if (unw_get_reg(cursor, UNW_REG_IP, &reg) < 0)
         return 0;
-    // don't leave special marker in the bt data as it can corrupt the GC.
-    *ip = reg == JL_BT_INTERP_FRAME ? 0 : reg;
+    *ip = reg;
     if (unw_get_reg(cursor, UNW_REG_SP, &reg) < 0)
         return 0;
     *sp = reg;
@@ -426,15 +478,15 @@ int jl_unw_init_dwarf(bt_cursor_t *cursor, bt_context_t *uc)
 {
     return unw_init_local_dwarf(cursor, uc) != 0;
 }
-size_t rec_backtrace_ctx_dwarf(uintptr_t *data, size_t maxsize,
+size_t rec_backtrace_ctx_dwarf(uintptr_t *bt_data, size_t maxsize,
                                bt_context_t *context, int add_interp_frames)
 {
-    size_t n;
+    size_t bt_size = 0;
     bt_cursor_t cursor;
     if (!jl_unw_init_dwarf(&cursor, context))
         return 0;
-    n = jl_unw_stepn(&cursor, data, NULL, maxsize, add_interp_frames);
-    return n > maxsize ? maxsize : n;
+    jl_unw_stepn(&cursor, bt_data, &bt_size, NULL, maxsize, add_interp_frames);
+    return bt_size;
 }
 #endif
 
diff --git a/stdlib/Profile/src/Profile.jl b/stdlib/Profile/src/Profile.jl
index 124be6f5a7ef0c..76241d171310ee 100644
--- a/stdlib/Profile/src/Profile.jl
+++ b/stdlib/Profile/src/Profile.jl
@@ -8,8 +8,8 @@ module Profile
 import Base.StackTraces: lookupat, UNKNOWN, show_spec_linfo, StackFrame
 
 # deprecated functions: use `getdict` instead
-lookup(ip::UInt) = lookupat(convert(Ptr{Cvoid}, ip) - 1)
-lookup(ip::Ptr{Cvoid}) = lookupat(ip - 1)
+lookup(ip::UInt) = lookupat(convert(Ptr{Cvoid}, ip))
+lookup(ip::Ptr{Cvoid}) = lookupat(ip)
 
 export @profile
 
@@ -199,7 +199,7 @@ end
 function getdict(data::Vector{UInt})
     dict = LineInfoDict()
     for ip in data
-        get!(() -> lookupat(convert(Ptr{Cvoid}, ip)), dict, UInt64(ip))
+        get!(() -> lookup(convert(Ptr{Cvoid}, ip)), dict, UInt64(ip))
     end
     return dict
 end
@@ -336,17 +336,6 @@ function fetch()
     end
     data = Vector{UInt}(undef, len)
     GC.@preserve data unsafe_copyto!(pointer(data), get_data_pointer(), len)
-    # post-process the data to convert from a return-stack to a call-stack
-    first = true
-    for i = 1:length(data)
-        if data[i] == 0
-            first = true
-        elseif first
-            first = false
-        else
-            data[i] -= 1
-        end
-    end
     return data
 end
 
diff --git a/test/backtrace.jl b/test/backtrace.jl
index 41dd7f4b04a362..82871a0280b910 100644
--- a/test/backtrace.jl
+++ b/test/backtrace.jl
@@ -1,16 +1,15 @@
 # This file is a part of Julia. License is MIT: https://julialang.org/license
 
-lookup(ip) = StackTraces.lookupat(ip - 1)
-lookup(ip::Base.InterpreterIP) = StackTraces.lookupat(ip) # TODO: Base.InterpreterIP should not need a special-case
+import StackTraces: lookupat
 
 # Test location information for inlined code (ref issues #1334 #12544)
 module test_inline_bt
 using Test
-import ..lookup
+import ..lookupat
 
 function get_bt_frames(functionname, bt)
     for i = 1:length(bt)
-        lkup = lookup(bt[i])
+        lkup = lookupat(bt[i])
         lkup[end].func == functionname && return lkup
     end
     return StackTraces.StackFrame[]
@@ -97,13 +96,13 @@ end
 
 module BackTraceTesting
 using Test
-import ..lookup
+import ..lookupat
 
 @inline bt2() = backtrace()
 @inline bt1() = bt2()
 bt() = bt1()
 
-lkup = map(lookup, bt())
+lkup = map(lookupat, bt())
 hasbt = hasbt2 = false
 for sfs in lkup
     for sf in sfs
@@ -122,7 +121,7 @@ function btmacro()
     ret = @timed backtrace()
     ret[1]
 end
-lkup = map(lookup, btmacro())
+lkup = map(lookupat, btmacro())
 hasme = hasbtmacro = false
 for sfs in lkup
     for sf in sfs
@@ -147,7 +146,7 @@ bt = eval(quote
         catch_backtrace()
     end
 end)
-lkup = map(lookup, bt)
+lkup = map(lookupat, bt)
 hastoplevel = false
 for sfs in lkup
     for sf in sfs
@@ -175,7 +174,7 @@ let bt, found = false
     @testset begin
         bt = backtrace()
     end
-    for frame in map(lookup, bt)
+    for frame in map(lookupat, bt)
         if frame[1].line == @__LINE__() - 3 && frame[1].file == Symbol(@__FILE__)
             found = true; break
         end
@@ -187,7 +186,7 @@ end
 let bt, found = false
     @info ""
     bt = backtrace()
-    for frame in map(lookup, bt)
+    for frame in map(lookupat, bt)
         if frame[1].line == @__LINE__() - 2 && frame[1].file == Symbol(@__FILE__)
             found = true; break
         end
diff --git a/test/compiler/inference.jl b/test/compiler/inference.jl
index 555cf5e8af6a24..7377bf34f48cef 100644
--- a/test/compiler/inference.jl
+++ b/test/compiler/inference.jl
@@ -894,7 +894,7 @@ function break_21369()
         i = 1
         local fr
         while true
-            fr = Base.StackTraces.lookupat(bt[i] - 1)[end]
+            fr = Base.StackTraces.lookupat(bt[i])[end]
             if !fr.from_c && fr.func !== :error
                 break
             end
diff --git a/test/meta.jl b/test/meta.jl
index 9f67a98252f022..baf26472b454ec 100644
--- a/test/meta.jl
+++ b/test/meta.jl
@@ -32,7 +32,7 @@ h_noinlined() = g_noinlined()
 
 function foundfunc(bt, funcname)
     for b in bt
-        for lkup in StackTraces.lookupat(b - 1)
+        for lkup in StackTraces.lookupat(b)
             if lkup.func == funcname
                 return true
             end