diff --git a/kotlin/codegen/src/main/java/com/squareup/moshi/kotlin/codegen/TypeRenderer.kt b/kotlin/codegen/src/main/java/com/squareup/moshi/kotlin/codegen/TypeRenderer.kt
index f78b3b8..067f5e3 100644
--- a/kotlin/codegen/src/main/java/com/squareup/moshi/kotlin/codegen/TypeRenderer.kt
+++ b/kotlin/codegen/src/main/java/com/squareup/moshi/kotlin/codegen/TypeRenderer.kt
@@ -99,7 +99,7 @@ abstract class TypeRenderer {
           else -> throw IllegalArgumentException(
               "Unrepresentable wildcard type. Cannot have more than one bound: $typeName")
         }
-        CodeBlock.of("%T.%L(%T::class.java)", Types::class, method, target)
+        CodeBlock.of("%T.%L(%T::class.java)", Types::class, method, target.asNonNull())
       }
 
       is TypeVariableName -> renderTypeVariable(typeName)
diff --git a/kotlin/codegen/src/main/java/com/squareup/moshi/kotlin/codegen/metadata.kt b/kotlin/codegen/src/main/java/com/squareup/moshi/kotlin/codegen/metadata.kt
index 8b20a03..9053b2e 100644
--- a/kotlin/codegen/src/main/java/com/squareup/moshi/kotlin/codegen/metadata.kt
+++ b/kotlin/codegen/src/main/java/com/squareup/moshi/kotlin/codegen/metadata.kt
@@ -108,15 +108,7 @@ internal fun Type.asTypeName(
               nullableProjection?.let { projection ->
                 when (projection) {
                   Type.Argument.Projection.IN -> WildcardTypeName.supertypeOf(argumentTypeName)
-                  Type.Argument.Projection.OUT -> {
-                    if (argumentTypeName == ANY) {
-                      // This becomes a *, which we actually don't want here.
-                      // List<Any> works with List<*>, but List<*> doesn't work with List<Any>
-                      argumentTypeName
-                    } else {
-                      WildcardTypeName.subtypeOf(argumentTypeName)
-                    }
-                  }
+                  Type.Argument.Projection.OUT -> WildcardTypeName.subtypeOf(argumentTypeName)
                   Type.Argument.Projection.STAR -> WildcardTypeName.STAR
                   Type.Argument.Projection.INV -> TODO("INV projection is unsupported")
                 }
diff --git a/kotlin/tests/src/test/kotlin/com/squareup/moshi/kotlin/codgen/GeneratedAdaptersTest.kt b/kotlin/tests/src/test/kotlin/com/squareup/moshi/kotlin/codgen/GeneratedAdaptersTest.kt
index 38c8d58..1d0f45d 100644
--- a/kotlin/tests/src/test/kotlin/com/squareup/moshi/kotlin/codgen/GeneratedAdaptersTest.kt
+++ b/kotlin/tests/src/test/kotlin/com/squareup/moshi/kotlin/codgen/GeneratedAdaptersTest.kt
@@ -1143,11 +1143,13 @@ data class SmokeTestType(
     val hasChildren: Boolean = false,
     val favoriteFood: String? = null,
     val favoriteDrink: String? = "Water",
-    val wildcardOut: List<out String> = emptyList(),
+    val wildcardOut: MutableList<out String> = mutableListOf(),
+    val nullableWildcardOut: MutableList<out String?> = mutableListOf(),
     val wildcardIn: Array<in String>,
     val any: List<*>,
     val anyTwo: List<Any>,
-    val anyOut: List<out Any>,
+//    val anyOut: MutableList<out Any>, waiting for fix in kotlinpoet https://github.com/square/kotlinpoet/issues/520
+    val nullableAnyOut: MutableList<out Any?>,
     val favoriteThreeNumbers: IntArray,
     val favoriteArrayValues: Array<String>,
     val favoriteNullableArrayValues: Array<String?>,