diff --git a/ktlint-ruleset-experimental/src/main/kotlin/com/pinterest/ktlint/ruleset/experimental/IndentationRule.kt b/ktlint-ruleset-experimental/src/main/kotlin/com/pinterest/ktlint/ruleset/experimental/IndentationRule.kt
index 2fc6d11d6e..848c09a367 100644
--- a/ktlint-ruleset-experimental/src/main/kotlin/com/pinterest/ktlint/ruleset/experimental/IndentationRule.kt
+++ b/ktlint-ruleset-experimental/src/main/kotlin/com/pinterest/ktlint/ruleset/experimental/IndentationRule.kt
@@ -207,7 +207,12 @@ class IndentationRule : Rule("indent"), Rule.Modifier.RestrictToRootLast {
         ) {
             return
         }
-        if (!node.nextCodeLeaf()?.prevLeaf().isWhiteSpaceWithNewline() &&
+        if (!node.nextCodeLeaf()?.prevLeaf {
+            // Skip comments, whitespace, and empty nodes
+            !it.isPartOfComment() &&
+                !it.isWhiteSpaceWithoutNewline() &&
+                it.textLength > 0
+        }.isWhiteSpaceWithNewline() &&
             // IDEA quirk:
             // if (true &&
             //     true
diff --git a/ktlint-ruleset-experimental/src/test/kotlin/com/pinterest/ktlint/ruleset/experimental/IndentationRuleTest.kt b/ktlint-ruleset-experimental/src/test/kotlin/com/pinterest/ktlint/ruleset/experimental/IndentationRuleTest.kt
index fd605acd24..29a1275c8a 100644
--- a/ktlint-ruleset-experimental/src/test/kotlin/com/pinterest/ktlint/ruleset/experimental/IndentationRuleTest.kt
+++ b/ktlint-ruleset-experimental/src/test/kotlin/com/pinterest/ktlint/ruleset/experimental/IndentationRuleTest.kt
@@ -254,6 +254,27 @@ class IndentationRuleTest {
         ).isEmpty()
     }
 
+    @Test(description = "https://github.com/pinterest/ktlint/issues/433")
+    fun testLintParameterListWithComments() {
+        assertThat(
+            IndentationRule().lint(
+                """
+                fun main() {
+                    foo(
+                        /*param1=*/param1,
+                        /*param2=*/param2
+                    )
+
+                    foo(
+                        /*param1=*/ param1,
+                        /*param2=*/ param2
+                    )
+                }
+                """.trimIndent()
+            )
+        ).isEmpty()
+    }
+
     @Test
     fun testUnexpectedTabCharacter() {
         val ktScript = "fun main() {\n\t\treturn 0\n\t}"