diff --git a/pkgs/racket-test-core/tests/racket/optimize.rktl b/pkgs/racket-test-core/tests/racket/optimize.rktl
index 92cf898257..551597f8ab 100644
--- a/pkgs/racket-test-core/tests/racket/optimize.rktl
+++ b/pkgs/racket-test-core/tests/racket/optimize.rktl
@@ -6300,6 +6300,18 @@
   (lambda ()
     (list-cmp348)))
 
+;; ;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
+;; Make sure conversion to internal `with-immediate-continuation-mark`
+;; correctly handles mutable variables
+
+(test #f
+      'wicm
+      (call-with-immediate-continuation-mark
+       'hello
+       (lambda (m)
+         (set! m m)
+         m)))
+
 ;; ;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;;
 
 (report-errs)
diff --git a/racket/src/racket/src/resolve.c b/racket/src/racket/src/resolve.c
index f4b06fed85..23d62a1ea2 100644
--- a/racket/src/racket/src/resolve.c
+++ b/racket/src/racket/src/resolve.c
@@ -778,6 +778,16 @@ with_immed_mark_resolve(Scheme_Object *data, Resolve_Info *orig_rslv)
   var->resolve.lex_depth = rslv->current_lex_depth;
   
   e = resolve_expr(SCHEME_CDR(wcm->body), rslv);
+
+  if (var->mutated) {
+    Scheme_Object *bcode;
+    bcode = scheme_alloc_object();
+    bcode->type = scheme_boxenv_type;
+    SCHEME_PTR1_VAL(bcode) = scheme_make_integer(0);
+    SCHEME_PTR2_VAL(bcode) = e;
+    e = bcode;
+  }
+
   wcm->body = e;
 
   merge_resolve(orig_rslv, rslv);