diff --git a/compiler/backend/src/org/jetbrains/kotlin/codegen/PropertyCodegen.java b/compiler/backend/src/org/jetbrains/kotlin/codegen/PropertyCodegen.java
index 1378d0f82a8..9e2bc1ce15e 100644
--- a/compiler/backend/src/org/jetbrains/kotlin/codegen/PropertyCodegen.java
+++ b/compiler/backend/src/org/jetbrains/kotlin/codegen/PropertyCodegen.java
@@ -438,8 +438,13 @@ public class PropertyCodegen {
             );
 
             if (annotatedField != null) {
-                boolean isInvisibleField = (modifiers & ACC_PRIVATE) != 0 || (modifiers & ACC_SYNTHETIC) != 0;
-                AnnotationCodegen.forField(fv, memberCodegen, state, isInvisibleField)
+                // Don't emit nullability annotations for backing field if:
+                // - backing field is invisible from Java (private or synthetic);
+                // - property is lateinit (since corresponding field is actually nullable).
+                boolean skipNullabilityAnnotations =
+                        (modifiers & ACC_PRIVATE) != 0 || (modifiers & ACC_SYNTHETIC) != 0 ||
+                        propertyDescriptor.isLateInit();
+                AnnotationCodegen.forField(fv, memberCodegen, state, skipNullabilityAnnotations)
                         .genAnnotations(annotatedField, type, propertyDescriptor.getType());
             }
         }
diff --git a/compiler/ir/backend.jvm/src/org/jetbrains/kotlin/backend/jvm/codegen/AnnotationCodegen.kt b/compiler/ir/backend.jvm/src/org/jetbrains/kotlin/backend/jvm/codegen/AnnotationCodegen.kt
index a1a53bc87fa..51673d9c595 100644
--- a/compiler/ir/backend.jvm/src/org/jetbrains/kotlin/backend/jvm/codegen/AnnotationCodegen.kt
+++ b/compiler/ir/backend.jvm/src/org/jetbrains/kotlin/backend/jvm/codegen/AnnotationCodegen.kt
@@ -141,8 +141,8 @@ abstract class AnnotationCodegen(
             is IrValueDeclaration -> declaration.type
             is IrField ->
                 if (declaration.correspondingPropertySymbol?.owner?.isLateinit == true) {
-                    // Lateinit fields are nullable, but should be marked as NotNull to match the JVM backend.
-                    declaration.type.makeNotNull()
+                    // Don't generate nullability annotations on lateinit fields
+                    return
                 } else {
                     declaration.type
                 }
diff --git a/compiler/testData/codegen/bytecodeListing/lateInitNotNull.txt b/compiler/testData/codegen/bytecodeListing/lateInitNotNull.txt
index 630374a13a9..3eef66d87a7 100644
--- a/compiler/testData/codegen/bytecodeListing/lateInitNotNull.txt
+++ b/compiler/testData/codegen/bytecodeListing/lateInitNotNull.txt
@@ -1,6 +1,6 @@
 @kotlin.Metadata
 public final class A {
-    public @org.jetbrains.annotations.NotNull field x: A
+    public field x: A
     public method <init>(): void
     public final @org.jetbrains.annotations.NotNull method getX(): A
     public final method setX(@org.jetbrains.annotations.NotNull p0: A): void