diff --git a/openstack/task_manager.py b/openstack/task_manager.py
index 0b05e7107..0f47da0bc 100644
--- a/openstack/task_manager.py
+++ b/openstack/task_manager.py
@@ -121,8 +121,21 @@ class TaskManager(object):
         :param task: The task to execute.
         :param bool raw: If True, return the raw result as received from the
             underlying client call.
+
+        This method calls task.wait() so that it only returns when the
+        task is complete.
         """
-        return self.run_task(task=task)
+        if task.run_async:
+            # Async tasks run the wait lower in the stack because the wait
+            # is just returning the concurrent Future object. That future
+            # object handles the exception shifting across threads.
+            return self.run_task(task=task)
+        else:
+            # It's important that we call task.wait() here, rather than in
+            # the run_task call stack below here, since subclasses may
+            # cause run_task to be called from a different thread.
+            self.run_task(task=task)
+            return task.wait()
 
     def submit_function(self, method, name=None, *args, **kwargs):
         """ Allows submitting an arbitrary method for work.
@@ -164,9 +177,14 @@ class TaskManager(object):
     def _run_task_async(self, task):
         self._log.debug(
             "Manager %s submitting task %s", self.name, task.name)
-        return self.executor.submit(self._run_task, task)
+        return self.executor.submit(self._run_task_wait, task)
 
     def _run_task(self, task):
+        # Never call task.wait() in the run_task call stack because we
+        # might be running in another thread.  The exception-shifting
+        # code is designed so that caller of submit_task (which may be
+        # in a different thread than this run_task) gets the
+        # exception.
         self.pre_run_task(task)
         start = time.time()
         task.run()
@@ -174,6 +192,12 @@ class TaskManager(object):
         dt = end - start
         self.post_run_task(dt, task)
 
+    def _run_task_wait(self, task):
+        # For async tasks, the action being performed is getting a
+        # future back from concurrent.futures.ThreadPoolExecutor.
+        # We do need to run the wait because the Future object is
+        # handling the exception shifting for us.
+        self._run_task(task)
         return task.wait()
 
 
diff --git a/openstack/tests/unit/cloud/test_task_manager.py b/openstack/tests/unit/cloud/test_task_manager.py
index a4c7d2694..6403d947b 100644
--- a/openstack/tests/unit/cloud/test_task_manager.py
+++ b/openstack/tests/unit/cloud/test_task_manager.py
@@ -14,7 +14,10 @@
 
 
 import concurrent.futures
+import fixtures
 import mock
+import queue
+import threading
 
 from openstack import task_manager
 from openstack.tests.unit import base
@@ -106,3 +109,82 @@ class TestTaskManager(base.TestCase):
     def test_async(self, mock_submit):
         self.manager.submit_task(TaskTestAsync())
         self.assertTrue(mock_submit.called)
+
+
+class ThreadingTaskManager(task_manager.TaskManager):
+    """A subclass of TaskManager which exercises the thread-shifting
+       exception handling behavior."""
+
+    def __init__(self, *args, **kw):
+        super(ThreadingTaskManager, self).__init__(
+            *args, **kw)
+        self.queue = queue.Queue()
+        self._running = True
+        self._thread = threading.Thread(name=self.name, target=self.run)
+        self._thread.daemon = True
+        self.failed = False
+
+    def start(self):
+        self._thread.start()
+
+    def stop(self):
+        self._running = False
+        self.queue.put(None)
+
+    def join(self):
+        self._thread.join()
+
+    def run(self):
+        # No exception should ever cause this method to hit its
+        # exception handler.
+        try:
+            while True:
+                task = self.queue.get()
+                if not task:
+                    if not self._running:
+                        break
+                    continue
+                self.run_task(task)
+                self.queue.task_done()
+        except Exception:
+            self.failed = True
+            raise
+
+    def submit_task(self, task, raw=False):
+        # An important part of the exception-shifting feature is that
+        # this method should raise the exception.
+        self.queue.put(task)
+        return task.wait()
+
+
+class ThreadingTaskManagerFixture(fixtures.Fixture):
+    def _setUp(self):
+        self.manager = ThreadingTaskManager(name='threading test')
+        self.manager.start()
+        self.addCleanup(self._cleanup)
+
+    def _cleanup(self):
+        self.manager.stop()
+        self.manager.join()
+
+
+class TestThreadingTaskManager(base.TestCase):
+
+    def setUp(self):
+        super(TestThreadingTaskManager, self).setUp()
+        f = self.useFixture(ThreadingTaskManagerFixture())
+        self.manager = f.manager
+
+    def test_wait_re_raise(self):
+        """Test that Exceptions thrown in a Task is reraised correctly
+
+        This test is aimed to six.reraise(), called in Task::wait().
+        Specifically, we test if we get the same behaviour with all the
+        configured interpreters (e.g. py27, p35, ...)
+        """
+        self.assertRaises(TestException, self.manager.submit_task, TaskTest())
+        # Stop the manager and join the run thread to ensure the
+        # exception handler has run.
+        self.manager.stop()
+        self.manager.join()
+        self.assertFalse(self.manager.failed)
diff --git a/releasenotes/notes/wait-submit-task-ff7c47d6620954a5.yaml b/releasenotes/notes/wait-submit-task-ff7c47d6620954a5.yaml
new file mode 100644
index 000000000..05045d29d
--- /dev/null
+++ b/releasenotes/notes/wait-submit-task-ff7c47d6620954a5.yaml
@@ -0,0 +1,7 @@
+---
+fixes:
+  - |
+    Fixed an issue with exceptions raised in TaskManager being raised at
+    the wrong part of the process causing queue oriented task managers to
+    abort their processing loop instead of reporting the exception to the
+    caller.