diff --git a/linux-user/m68k/cpu_loop.c b/linux-user/m68k/cpu_loop.c
index 6598bce3c4..fcf9220552 100644
--- a/linux-user/m68k/cpu_loop.c
+++ b/linux-user/m68k/cpu_loop.c
@@ -52,6 +52,9 @@ void cpu_loop(CPUM68KState *env)
         case EXCP_DIV0:
             force_sig_fault(TARGET_SIGFPE, TARGET_FPE_INTDIV, env->mmu.ar);
             break;
+        case EXCP_TRACE:
+            force_sig_fault(TARGET_SIGTRAP, TARGET_TRAP_TRACE, env->mmu.ar);
+            break;
         case EXCP_TRAP0:
             {
                 abi_long ret;
diff --git a/target/m68k/op_helper.c b/target/m68k/op_helper.c
index 729ee0e934..3cb71c9140 100644
--- a/target/m68k/op_helper.c
+++ b/target/m68k/op_helper.c
@@ -397,13 +397,13 @@ static void m68k_interrupt_all(CPUM68KState *env, int is_hw)
 
     case EXCP_ILLEGAL:
     case EXCP_TRAPCC:
-    case EXCP_TRACE:
         /* FIXME: addr is not only env->pc */
         do_stack_frame(env, &sp, 2, oldsr, env->pc, env->pc);
         break;
 
     case EXCP_CHK:
     case EXCP_DIV0:
+    case EXCP_TRACE:
         do_stack_frame(env, &sp, 2, oldsr, env->mmu.ar, env->pc);
         break;
 
diff --git a/target/m68k/translate.c b/target/m68k/translate.c
index d775345bfa..399d9232e4 100644
--- a/target/m68k/translate.c
+++ b/target/m68k/translate.c
@@ -114,6 +114,7 @@ typedef struct DisasContext {
     DisasContextBase base;
     CPUM68KState *env;
     target_ulong pc;
+    target_ulong pc_prev;
     CCOp cc_op; /* Current CC operation */
     int cc_op_synced;
     TCGv_i64 mactmp;
@@ -298,6 +299,21 @@ static void gen_raise_exception(int nr)
     tcg_temp_free_i32(tmp);
 }
 
+static void gen_raise_exception_format2(DisasContext *s, int nr,
+                                        target_ulong this_pc)
+{
+    /*
+     * Pass the address of the insn to the exception handler,
+     * for recording in the Format $2 (6-word) stack frame.
+     * Re-use mmu.ar for the purpose, since that's only valid
+     * after tlb_fill.
+     */
+    tcg_gen_st_i32(tcg_constant_i32(this_pc), cpu_env,
+                   offsetof(CPUM68KState, mmu.ar));
+    gen_raise_exception(nr);
+    s->base.is_jmp = DISAS_NORETURN;
+}
+
 static void gen_exception(DisasContext *s, uint32_t dest, int nr)
 {
     update_cc_op(s);
@@ -1494,12 +1510,13 @@ static void gen_exit_tb(DisasContext *s)
     } while (0)
 
 /* Generate a jump to an immediate address.  */
-static void gen_jmp_tb(DisasContext *s, int n, uint32_t dest)
+static void gen_jmp_tb(DisasContext *s, int n, target_ulong dest,
+                       target_ulong src)
 {
     if (unlikely(s->ss_active)) {
         update_cc_op(s);
         tcg_gen_movi_i32(QREG_PC, dest);
-        gen_raise_exception(EXCP_TRACE);
+        gen_raise_exception_format2(s, EXCP_TRACE, src);
     } else if (translator_use_goto_tb(&s->base, dest)) {
         tcg_gen_goto_tb(n);
         tcg_gen_movi_i32(QREG_PC, dest);
@@ -1548,9 +1565,9 @@ DISAS_INSN(dbcc)
     tcg_gen_addi_i32(tmp, tmp, -1);
     gen_partset_reg(OS_WORD, reg, tmp);
     tcg_gen_brcondi_i32(TCG_COND_EQ, tmp, -1, l1);
-    gen_jmp_tb(s, 1, base + offset);
+    gen_jmp_tb(s, 1, base + offset, s->base.pc_next);
     gen_set_label(l1);
-    gen_jmp_tb(s, 0, s->pc);
+    gen_jmp_tb(s, 0, s->pc, s->base.pc_next);
 }
 
 DISAS_INSN(undef_mac)
@@ -3096,13 +3113,13 @@ DISAS_INSN(branch)
         /* Bcc */
         TCGLabel *l1 = gen_new_label();
         gen_jmpcc(s, ((insn >> 8) & 0xf) ^ 1, l1);
-        gen_jmp_tb(s, 1, base + offset);
+        gen_jmp_tb(s, 1, base + offset, s->base.pc_next);
         gen_set_label(l1);
-        gen_jmp_tb(s, 0, s->pc);
+        gen_jmp_tb(s, 0, s->pc, s->base.pc_next);
     } else {
         /* Unconditional branch.  */
         update_cc_op(s);
-        gen_jmp_tb(s, 0, base + offset);
+        gen_jmp_tb(s, 0, base + offset, s->base.pc_next);
     }
 }
 
@@ -5485,9 +5502,9 @@ DISAS_INSN(fbcc)
     l1 = gen_new_label();
     update_cc_op(s);
     gen_fjmpcc(s, insn & 0x3f, l1);
-    gen_jmp_tb(s, 0, s->pc);
+    gen_jmp_tb(s, 0, s->pc, s->base.pc_next);
     gen_set_label(l1);
-    gen_jmp_tb(s, 1, base + offset);
+    gen_jmp_tb(s, 1, base + offset, s->base.pc_next);
 }
 
 DISAS_INSN(fscc)
@@ -6158,6 +6175,8 @@ static void m68k_tr_init_disas_context(DisasContextBase *dcbase, CPUState *cpu)
 
     dc->env = env;
     dc->pc = dc->base.pc_first;
+    /* This value will always be filled in properly before m68k_tr_tb_stop. */
+    dc->pc_prev = 0xdeadbeef;
     dc->cc_op = CC_OP_DYNAMIC;
     dc->cc_op_synced = 1;
     dc->done_mac = 0;
@@ -6191,6 +6210,7 @@ static void m68k_tr_translate_insn(DisasContextBase *dcbase, CPUState *cpu)
     do_writebacks(dc);
     do_release(dc);
 
+    dc->pc_prev = dc->base.pc_next;
     dc->base.pc_next = dc->pc;
 
     if (dc->base.is_jmp == DISAS_NEXT) {
@@ -6225,17 +6245,12 @@ static void m68k_tr_tb_stop(DisasContextBase *dcbase, CPUState *cpu)
         break;
     case DISAS_TOO_MANY:
         update_cc_op(dc);
-        if (dc->ss_active) {
-            tcg_gen_movi_i32(QREG_PC, dc->pc);
-            gen_raise_exception(EXCP_TRACE);
-        } else {
-            gen_jmp_tb(dc, 0, dc->pc);
-        }
+        gen_jmp_tb(dc, 0, dc->pc, dc->pc_prev);
         break;
     case DISAS_JUMP:
         /* We updated CC_OP and PC in gen_jmp/gen_jmp_im.  */
         if (dc->ss_active) {
-            gen_raise_exception(EXCP_TRACE);
+            gen_raise_exception_format2(dc, EXCP_TRACE, dc->pc_prev);
         } else {
             tcg_gen_lookup_and_goto_ptr();
         }
@@ -6246,7 +6261,7 @@ static void m68k_tr_tb_stop(DisasContextBase *dcbase, CPUState *cpu)
          * other state that may require returning to the main loop.
          */
         if (dc->ss_active) {
-            gen_raise_exception(EXCP_TRACE);
+            gen_raise_exception_format2(dc, EXCP_TRACE, dc->pc_prev);
         } else {
             tcg_gen_exit_tb(NULL, 0);
         }
