diff --git a/Lib/asyncio/graph.py b/Lib/asyncio/graph.py
index ce23339782c16e8..d76d2f6383343d5 100644
--- a/Lib/asyncio/graph.py
+++ b/Lib/asyncio/graph.py
@@ -2,6 +2,7 @@
 
 import dataclasses
 import io
+import operator
 import sys
 import types
 
@@ -160,7 +161,8 @@ def capture_call_graph(
 
     call_stack: list[FrameCallGraphEntry] = []
 
-    f = sys._getframe(depth) if limit != 0 else None
+    # gh-161124: find the task boundary before skipping frames
+    f = sys._getframe(0) if limit != 0 else None
     try:
         while f is not None:
             # gh-156988: sync gen should not clear the call chain
@@ -178,6 +180,8 @@ def capture_call_graph(
     finally:
         del f
 
+    call_stack = call_stack[max(0, operator.index(depth)):]
+
     awaited_by = []
     if future._asyncio_awaited_by:
         for parent in future._asyncio_awaited_by:
diff --git a/Lib/test/test_asyncio/test_graph.py b/Lib/test/test_asyncio/test_graph.py
index 71853ab642f451f..8af42a851707a56 100644
--- a/Lib/test/test_asyncio/test_graph.py
+++ b/Lib/test/test_asyncio/test_graph.py
@@ -785,6 +785,11 @@ async def main():
 
         self.assertTrue(stack_for_fut[1].startswith('* Future(id='))
 
+    async def test_call_graph_depth_beyond_task(self):
+        # gh-161124
+        graph = asyncio.capture_call_graph(depth=2)
+        self.assertEqual(graph.call_stack, ())
+
     async def test_capture_call_graph_positive_limit(self):
         captured = None
 
diff --git a/Misc/NEWS.d/next/Library/2026-11-01-22-07-24.gh-issue-161124.c2YmcV.rst b/Misc/NEWS.d/next/Library/2026-11-01-22-07-24.gh-issue-161124.c2YmcV.rst
new file mode 100644
index 000000000000000..32cfb56adb83167
--- /dev/null
+++ b/Misc/NEWS.d/next/Library/2026-11-01-22-07-24.gh-issue-161124.c2YmcV.rst
@@ -0,0 +1,2 @@
+Fix :func:`asyncio.print_call_graph` reporting event loop frames when
+*depth* exceeds the task stack. Patch by Timofei Ivankov.