diff --git a/torch/_dynamo/convert_frame.py b/torch/_dynamo/convert_frame.py
index 38795341be216..c1733280e31f3 100644
--- a/torch/_dynamo/convert_frame.py
+++ b/torch/_dynamo/convert_frame.py
@@ -773,6 +773,22 @@ def format_guard_failures():
             "".join(CapturedTraceback.extract(skip=2 + skip).format()),
         )
         # -4: -2 as above, plus trace_structured frames
+        #
+        # NB: the frame looks like this:
+        #
+        # # handled by skip argument
+        # torch/_dynamo/convert_frame.py:1069 in catch_errors
+        # torch/_dynamo/convert_frame.py:910 in _convert_frame
+        # torch/_dynamo/convert_frame.py:464 in _convert_frame_assert
+        # torch/_utils_internal.py:70 in wrapper_function
+        #
+        # # 2 current frame and context lib
+        # env/lib/python3.10/contextlib.py:79 in inner
+        # torch/_dynamo/convert_frame.py:776 in _compile
+        #
+        # # 2 extra here
+        # torch/_logging/_internal.py:1064 in trace_structured
+        # torch/_dynamo/convert_frame.py:780 in <lambda>
         torch._logging.trace_structured(
             "dynamo_start",
             lambda: {
diff --git a/torch/_utils_internal.py b/torch/_utils_internal.py
index 3da8bc2186f54..a61adb6a826b6 100644
--- a/torch/_utils_internal.py
+++ b/torch/_utils_internal.py
@@ -63,10 +63,14 @@ def throw_abstract_impl_not_imported_error(opname, module, context):
 
 
 # Meta only, act as nop otherwise.
+#
+# NB!  This treats "skip" kwarg specially!!
 def compile_time_strobelight_meta(phase_name):
     def compile_time_strobelight_meta_inner(function):
         @functools.wraps(function)
         def wrapper_function(*args, **kwargs):
+            if "skip" in kwargs:
+                kwargs["skip"] = kwargs["skip"] + 1
             return function(*args, **kwargs)
 
         return wrapper_function