diff --git a/Misc/NEWS.d/next/Core and Builtins/2022-10-05-17-02-22.gh-issue-97943.LYAWlE.rst b/Misc/NEWS.d/next/Core and Builtins/2022-10-05-17-02-22.gh-issue-97943.LYAWlE.rst
new file mode 100644
index 00000000000000..9b4a421a9d475a
--- /dev/null
+++ b/Misc/NEWS.d/next/Core and Builtins/2022-10-05-17-02-22.gh-issue-97943.LYAWlE.rst	
@@ -0,0 +1,2 @@
+Bugfix: :func:`PyFunction_GetAnnotations` should return a borrowed
+reference. It was returning a new reference.
diff --git a/Objects/funcobject.c b/Objects/funcobject.c
index 7f257a9986987b..ccc6d0b52eab68 100644
--- a/Objects/funcobject.c
+++ b/Objects/funcobject.c
@@ -311,7 +311,6 @@ func_get_annotation_dict(PyFunctionObject *op)
         }
         Py_SETREF(op->func_annotations, ann_dict);
     }
-    Py_INCREF(op->func_annotations);
     assert(PyDict_Check(op->func_annotations));
     return op->func_annotations;
 }
@@ -543,7 +542,11 @@ func_get_annotations(PyFunctionObject *op, void *Py_UNUSED(ignored))
         if (op->func_annotations == NULL)
             return NULL;
     }
-    return func_get_annotation_dict(op);
+    PyObject *d = func_get_annotation_dict(op);
+    if (d) {
+        Py_INCREF(d);
+    }
+    return d;
 }
 
 static int