diff --git a/src/ir/effects.h b/src/ir/effects.h
index 6901f99de2d..b5210f1e7cc 100644
--- a/src/ir/effects.h
+++ b/src/ir/effects.h
@@ -478,7 +478,7 @@ class EffectAnalyzer {
           // the target function throws and we know that will be caught anyhow,
           // the same as the code below for the general path.
           const auto& targetEffects = iter->second;
-          if (targetEffects.throws_ && parent.tryDepth > 0) {
+          if (targetEffects.throws_ && parent.tryDepth > 0 && !curr->isReturn) {
             auto filteredEffects = targetEffects;
             filteredEffects.throws_ = false;
             parent.mergeIn(filteredEffects);
@@ -492,13 +492,15 @@ class EffectAnalyzer {
 
       parent.calls = true;
       // When EH is enabled, any call can throw.
-      if (parent.features.hasExceptionHandling() && parent.tryDepth == 0) {
+      if (parent.features.hasExceptionHandling() &&
+          (parent.tryDepth == 0 || curr->isReturn)) {
         parent.throws_ = true;
       }
     }
     void visitCallIndirect(CallIndirect* curr) {
       parent.calls = true;
-      if (parent.features.hasExceptionHandling() && parent.tryDepth == 0) {
+      if (parent.features.hasExceptionHandling() &&
+          (parent.tryDepth == 0 || curr->isReturn)) {
         parent.throws_ = true;
       }
       if (curr->isReturn) {
@@ -750,7 +752,8 @@ class EffectAnalyzer {
         return;
       }
       parent.calls = true;
-      if (parent.features.hasExceptionHandling() && parent.tryDepth == 0) {
+      if (parent.features.hasExceptionHandling() &&
+          (parent.tryDepth == 0 || curr->isReturn)) {
         parent.throws_ = true;
       }
       if (curr->isReturn) {
diff --git a/test/lit/passes/global-effects.wast b/test/lit/passes/global-effects.wast
index d0d3228df5a..c4221c0eaf4 100644
--- a/test/lit/passes/global-effects.wast
+++ b/test/lit/passes/global-effects.wast
@@ -450,4 +450,77 @@
     (call $cycle-with-unknown-call)
     (call $import)
   )
+
+  ;; WITHOUT:      (func $throw-through-return-call (type $0)
+  ;; WITHOUT-NEXT:  (try $try
+  ;; WITHOUT-NEXT:   (do
+  ;; WITHOUT-NEXT:    (return_call $throw)
+  ;; WITHOUT-NEXT:   )
+  ;; WITHOUT-NEXT:   (catch_all
+  ;; WITHOUT-NEXT:    (nop)
+  ;; WITHOUT-NEXT:   )
+  ;; WITHOUT-NEXT:  )
+  ;; WITHOUT-NEXT: )
+  ;; INCLUDE:      (func $throw-through-return-call (type $0)
+  ;; INCLUDE-NEXT:  (try $try
+  ;; INCLUDE-NEXT:   (do
+  ;; INCLUDE-NEXT:    (return_call $throw)
+  ;; INCLUDE-NEXT:   )
+  ;; INCLUDE-NEXT:   (catch_all
+  ;; INCLUDE-NEXT:    (nop)
+  ;; INCLUDE-NEXT:   )
+  ;; INCLUDE-NEXT:  )
+  ;; INCLUDE-NEXT: )
+  ;; DISCARD:      (func $throw-through-return-call (type $0)
+  ;; DISCARD-NEXT:  (try $try
+  ;; DISCARD-NEXT:   (do
+  ;; DISCARD-NEXT:    (return_call $throw)
+  ;; DISCARD-NEXT:   )
+  ;; DISCARD-NEXT:   (catch_all
+  ;; DISCARD-NEXT:    (nop)
+  ;; DISCARD-NEXT:   )
+  ;; DISCARD-NEXT:  )
+  ;; DISCARD-NEXT: )
+  (func $throw-through-return-call
+    ;; The exception is not catched, so this code cannot be simplified
+    (try
+      (do
+        (return_call $throw)
+      )
+      (catch_all)
+    )
+  )
+
+  ;; WITHOUT:      (func $catch-all-effects (type $0)
+  ;; WITHOUT-NEXT:  (try $try
+  ;; WITHOUT-NEXT:   (do
+  ;; WITHOUT-NEXT:    (call $throw-through-return-call)
+  ;; WITHOUT-NEXT:   )
+  ;; WITHOUT-NEXT:   (catch_all
+  ;; WITHOUT-NEXT:    (nop)
+  ;; WITHOUT-NEXT:   )
+  ;; WITHOUT-NEXT:  )
+  ;; WITHOUT-NEXT: )
+  ;; INCLUDE:      (func $catch-all-effects (type $0)
+  ;; INCLUDE-NEXT:  (nop)
+  ;; INCLUDE-NEXT: )
+  ;; DISCARD:      (func $catch-all-effects (type $0)
+  ;; DISCARD-NEXT:  (try $try
+  ;; DISCARD-NEXT:   (do
+  ;; DISCARD-NEXT:    (call $throw-through-return-call)
+  ;; DISCARD-NEXT:   )
+  ;; DISCARD-NEXT:   (catch_all
+  ;; DISCARD-NEXT:    (nop)
+  ;; DISCARD-NEXT:   )
+  ;; DISCARD-NEXT:  )
+  ;; DISCARD-NEXT: )
+  (func $catch-all-effects
+    ;; The exception is catched, so the function body can be optimized away
+    (try
+      (do
+        (call $throw-through-return-call)
+      )
+      (catch_all)
+    )
+  )
 )