<PAGE>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 10-Q

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

     FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2003

( )  TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

                        Commission File Number: 33-62526

                      COMMONWEALTH INCOME & GROWTH FUND IV
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

         Pennsylvania                                           23-3080409
-------------------------------                           ----------------------
(State or other jurisdiction of                              (I.R.S. Employer
incorporation or organization)                            Identification Number)

                          470 John Young Way Suite 300
                                 Exton, PA 19341
          -------------------------------------------------------------
          (Address, including zip code, of principal executive offices)

                                 (610) 594-9600
                         ------------------------------
                         (Registrant's telephone number
                              including area code)

         Indicate by check mark whether the registrant (i) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (III) has been subject to such filing
requirements for the past 90 days:

                              YES [X]    NO [ ]





<PAGE>
                      Commonwealth Income & Growth Fund IV
                                 Balance Sheets
<TABLE>
<CAPTION>

                                                                 March 31,             December 31,
                                                                   2003                   2002
                                                       -----------------------------------------------
                                                                (unaudited)
<S>                                                                 <C>                     <C>

Assets

Cash and cash equivalents                                      $   1,846,671            $     510,780
Lease income receivable                                                2,438                   30,957
Accounts receivables - Commonwealth Capital Corp                     123,923                        -
Accounts receivables - affiliated partnerships                        24,141                    6,000
Receivables from sales of equipment                                  103,610                  103,610
Deposits                                                               1,130                        -
                                                       -----------------------------------------------
                                                                   2,101,913                  651,347
                                                       -----------------------------------------------


Computer equipment, at cost                                        3,096,672                2,110,606
Accumulated depreciation                                            (279,479)                 (92,931)
                                                       -----------------------------------------------
                                                                   2,817,193                2,017,675
                                                       -----------------------------------------------


Equipment acquisition costs and deferred expenses, net               116,891                   79,672
Prepaid acquisition fees                                             101,500                   33,905
                                                       -----------------------------------------------
                                                                     218,391                  113,577
                                                       -----------------------------------------------


Total assets                                                   $   5,137,497            $   2,782,599
                                                       ===============================================


Liabilities and Partners' Capital

Liabilities
Accounts payable                                               $      77,321           $       20,486
Accounts payable - General Partner                                    18,588                      806
Accounts payable - Commonwealth Capital Corp.                              -                   61,807
Unearned lease income                                                 50,263                    6,514
Notes payable                                                        742,584                        -
                                                       -----------------------------------------------
Total liabilities                                                    888,756                   89,613
                                                       -----------------------------------------------
Partners' Capital

General partner                                                        1,000                    1,000
Limited partners                                                   4,247,741                2,691,986

                                                       -----------------------------------------------
Total partners' capital                                            4,248,741                2,692,986
                                                       -----------------------------------------------

Total liabilities and partners' capital                     $      5,137,497          $     2,782,599
                                                       ===============================================
</TABLE>

                 see accompanying notes to financial statements


<PAGE>

                      Commonwealth Income & Growth Fund IV
                             Statement of Operations
<TABLE>
<CAPTION>

                                                                   Three months ended
                                                                      March 31, 2003
                                                                        (unaudited)
                                                                 ----------------------

<S>                                                                        <C>
Income
Lease                                                                     $   270,255
Interest and other                                                              1,587
                                                                 ---------------------

Total income                                                                  271,842
                                                                 ---------------------

Expenses
Operating, excluding depreciation                                             238,056
Organizational costs                                                           22,067
Equipment management fee - General Partner                                     13,513
Interest                                                                       10,442
Depreciation                                                                  186,548
Amortization of equipment
  acquisition costs and deferred expenses                                      10,747
                                                                 ---------------------

Total expenses                                                                481,373
                                                                 ---------------------

Net (loss)                                                                $  (209,531)
                                                                 =====================

Net (loss) per equivalent limited
  partnership unit                                                        $     (0.94)
                                                                 =====================

Weighted average number of equivalent limited
  partnership units outstanding during the period                             222,915
                                                                 =====================
</TABLE>




(1) Although the Partnership was formed on May 15, 2001, the Fund did not
commence operations until July 8, 2002.


                 see accompanying notes to financial statements


<PAGE>
                      Commonwealth Income & Growth Fund IV
                         Statements of Partners' Capital

<TABLE>
<CAPTION>
                                                                  For the Three Months ended March 31, 2003
                                                                                 (unaudited)

                                                 General          Limited
                                                 Partner          Partner           General           Limited
                                                  Units            Units            Partner           Partner            Total
                                         ------------------------------------------------------------------------------------------
<S>                                          <C>                   <C>               <C>                <C>             <C>
Partners' capital - December 31, 2002                50          181,566           $ 1,000        $  2,691,986       $ 2,692,986
  Contributions                                                  105,082                             2,101,649         2,101,649
  Offering costs                                                                                      (231,843)         (231,843)
  Net income (loss)                                                                  1,045            (210,576)         (209,531)
  Distributions                                                                     (1,045)           (103,475)         (104,520)
                                         ------------------------------------------------------------------------------------------
Partners' capital - March 31, 2003                   50          286,648           $ 1,000        $  4,247,741       $ 4,248,741
                                         ==========================================================================================
</TABLE>


                 see accompanying notes to financial statements


<PAGE>
                      Commonwealth Income & Growth Fund IV
                             Statement of Cash Flow
                    For the Three Months Ended March 31, 2003
<TABLE>
<CAPTION>
                                                                                     2003
                                                                           ------------------------
                                                                                  (unaudited)
<S>                                                                                    <C>
Operating activities
Net (loss)                                                                       $      (209,531)
Adjustments to reconcile net (loss) to net cash
   (used in) operating activities
     Depreciation and amortization                                                       197,295
      Other noncash activities included in
          determination of net (loss)                                                    (73,420)
       Changes in assets and liabilities
         (Increase) decrease in assets
              Lease income receivable                                                     28,519
              Accounts receivable - affiliated partnerships                              (18,141)
              Deposits                                                                    (1,130)
         (Decrease) increase in liabilities
              Accounts payable                                                            56,835
              Accounts payable, Commonwealth Capital Corp                                (61,807)
              Accounts payable, General Partner                                           17,782
              Unearned lease income                                                       43,749
                                                                           ------------------------
Net cash (used in) operating activities                                                  (19,849)
                                                                           ------------------------

Investing activities:

Capital expenditures                                                                    (170,062)
Prepaid acquisition fees                                                                 (67,595)
Equipment acquisition fees paid to General Partner                                       (39,806)
                                                                           ------------------------
Net cash (used in) investing activities                                                 (277,463)
                                                                           ------------------------

Financing activities:
Contributions                                                                          2,101,649
Offering costs                                                                          (231,843)
Distributions to partners                                                               (104,520)
Accounts receivable - Commonwealth Capital Corp                                         (123,923)
Debt placement fees paid to the General Partner                                           (8,160)
                                                                           ------------------------
Net cash provided by financing activities                                              1,633,203
                                                                           ------------------------

Net increase in cash and equivalents                                                   1,335,891

Cash and cash equivalents, beginning of period                                           510,780
                                                                           ------------------------

Cash and cash equivalents, end of period                                            $    1,846,671
                                                                           ========================

</TABLE>


(1) Although the Partnership was formed on May 15, 2001, the Fund did not
commence operations until July 8, 2002.

                 see accompanying notes to financial statements
<PAGE>
                          NOTES TO FINANCIAL STATEMENTS


1.      Business                   Commonwealth Income & Growth Fund IV (the
                                   "Partnership") is a limited partnership
                                   organized in the Commonwealth of Pennsylvania
                                   on May 15, 2001. The Partnership is offering
                                   for sale up to 750,000 units of the limited
                                   partnership at the purchase price of $20 per
                                   unit (the "Offering"). The Partnership
                                   reached the minimum amount in escrow and
                                   commenced operations on July 8, 2002. As of
                                   March 31, 2003, the Partnership has received
                                   $5,728,203 in contributions from limited
                                   partners, amounting to 286,648 units. For the
                                   quarter ended March 31, 2003, the Partnership
                                   has received $2,101,649 in contributions from
                                   limited partners, amounting to 105,082 units.
                                   As of March 31, 2003, there was $363,060 in
                                   contributions from limited partners,
                                   amounting to 18,153 units, which remained in
                                   our escrow account. This amount was withdrawn
                                   from the escrow agent and contributed to the
                                   Partnership on April 1, 2003.

                                   The Partnership uses the proceeds of the
                                   Offering to acquire, own and lease various
                                   types of computer peripheral equipment and
                                   other similar capital equipment, which will
                                   be leased primarily to U.S. corporations and
                                   institutions. Commonwealth Capital Corp, on
                                   behalf of the Partnership and other
                                   affiliated partnerships, will acquire
                                   computer equipment subject to associated debt
                                   obligations and lease agreements and allocate
                                   a participation in the cost, debt and lease
                                   revenue to the various partnerships based on
                                   certain risk factors.

                                   The Partnership's General Partner is
                                   Commonwealth Income & Growth Fund, Inc. (the
                                   "General Partner"), a Pennsylvania
                                   corporation which is an indirect wholly owned
                                   subsidiary of Commonwealth Capital Corp.
                                   Commonwealth Capital Corp. is a member of the
                                   Investment Program Association (IPA),
                                   Financial Planning Association (FPA), and the
                                   Equipment Leasing Association (ELA).
                                   Approximately ten years after the
                                   commencement of operations, the Partnership
                                   intends to sell or otherwise dispose of all
                                   of its computer equipment, make final
                                   distributions to partners, and to dissolve.
                                   Unless sooner terminated, the Partnership
                                   will continue until December 31, 2012.

<PAGE>

2.      Summary of                 Basis of Presentation
        Significant
        Accounting                 The financial information presented as of any
        Policies                   date other than December 31 has been prepared
                                   from the books and records without audit.
                                   Financial information as of December 31 has
                                   been derived from the audited financial
                                   statements of the Partnership, but does not
                                   include all disclosures required by generally
                                   accepted accounting principles. In the
                                   opinion of management, all adjustments,
                                   consisting only of normal recurring
                                   adjustments, necessary for a fair
                                   presentation of the financial information for
                                   the periods indicated have been included. For
                                   further information regarding the
                                   Partnership's accounting policies, refer to
                                   the financial statements and related notes
                                   included in the Partnership's annual report
                                   on Form 10-K for the year ended December 31,
                                   2002. Operating results for the three-month
                                   period ended March 31, 2003 are not
                                   necessarily indicative of financial results
                                   that may be expected for the full year ended
                                   December 31, 2002.

                                   Revenue Recognition

                                   Through March 31, 2003, the Partnership has
                                   only entered into operating leases. Lease
                                   revenue is recognized on a monthly basis in
                                   accordance with the terms of the operating
                                   lease agreements.

                                   The Partnership reviews a customer's credit
                                   history before extending credit and may
                                   establish a provision for uncollectible
                                   accounts receivable based upon the credit
                                   risk of specific customers, historical trends
                                   and other information.

                                   Use of Estimates

                                   The preparation of financial statements in
                                   conformity with generally accepted accounting
                                   principles requires management to make
                                   estimates and assumptions that affect the
                                   reported amounts of assets and liabilities
                                   and disclosure of contingent assets and
                                   liabilities at the date of the financial
                                   statements and the reported amounts of
                                   revenues and expenses during the reporting
                                   period. Actual results could differ from
                                   those estimates.

                                   Long-Lived Assets

                                   The Partnership evaluates its long-lived
                                   assets when events or circumstances indicate
                                   that the value of the asset may not be
                                   recoverable. The Partnership determines
                                   whether an impairment exists by estimating
                                   the undiscounted cash flows to be generated
                                   by each asset. If the estimated undiscounted
                                   cash flows are less than the carrying value
                                   of the asset then an impairment exists. The
                                   amount of the impairment is determined based
                                   on the difference between the carrying value
                                   and the fair value. The fair value is
                                   determined based on estimated discounted cash
                                   flows to be generated by the asset. As of
                                   March 31, 2003, there is no impairment.

<PAGE>


                                   Depreciation on computer equipment for
                                   financial statement purposes is based on the
                                   straight-line method over estimated useful
                                   lives of four years.


                                   Intangible Assets

                                   Equipment acquisition costs and deferred
                                   expenses are amortized on a straight-line
                                   basis over two- to-four year lives.
                                   Unamortized acquisition fees and deferred
                                   expenses are charged to amortization expense
                                   when the associated leased equipment is sold.

                                   Cash and Cash Equivalents

                                   The Partnership considers all highly liquid
                                   investments with a maturity of three months
                                   or less to be cash equivalents. Cash
                                   equivalents have been invested in a money
                                   market fund investing directly in Treasury
                                   obligations.

                                   Income Taxes

                                   The Partnership is not subject to federal
                                   income taxes; instead, any taxable income
                                   (loss) is passed through to the partners and
                                   included on their respective income tax
                                   returns.

                                   Taxable income differs from financial
                                   statement net income as a result of reporting
                                   certain income and expense items for tax
                                   purposes in periods other than those used for
                                   financial statement purposes, principally
                                   relating to depreciation, amortization, and
                                   lease income.

                                   Offering Costs


                                   Offering costs are payments for selling
                                   commissions, dealer manager fees,
                                   professional fees and other offering expenses
                                   relating to the syndication. Selling
                                   commissions are 8% of the partners'
                                   contributed capital and dealer manager fees
                                   are 1% of the partners' contributed capital.
                                   These costs have been deducted from
                                   partnership capital in the accompanying
                                   financial statements.


                                   Net Income (Loss) Per Equivalent Limited
                                   Partnership Unit

                                   The net income (loss) per equivalent limited
                                   partnership unit is computed based upon net
                                   income (loss) allocated to the limited
                                   partners and the weighted average number of
                                   equivalent units outstanding during the
                                   period.

                                   Reimbursable Expenses

                                   Reimbursable expenses, which are charged to
                                   the Partnership by CCC in connection with the
                                   administration and operation of the
                                   Partnership, are allocated to the Partnership
                                   based upon several factors including, but not
                                   limited to, the number of investors,
                                   compliance issues, and the number of existing
                                   leases.
<PAGE>

3.      Computer                   The Partnership is the lessor of equipment
        Equipment                  under operating leases with periods ranging
                                   from 16 to 36 months. In general, the lessee
                                   pays associated costs such as repairs and
                                   maintenance, insurance and property taxes.

                                   The Partnership's share of the computer
                                   equipment in which they participate at March
                                   31, 2003 was approximately $8,000, which is
                                   included in the Partnership's fixed assets on
                                   their balance sheet, and the total cost of
                                   the equipment shared by the Partnership with
                                   other partnerships at March 31, 2003 was
                                   approximately $48,000. The Partnership did
                                   not participate in shared equipment as of
                                   December 31, 2002.

                                   The following is a schedule of future minimum
                                   rentals on noncancellable operating leases at
                                   March 31, 2003:
<TABLE>
<CAPTION>
                                                                                            Amount
                             ------------------------------------------------------------------------
                                        <S>                                                  <C>
                                 Nine Months ended December 31, 2003                $    1,035,000
                                 Year Ended December 31, 2004                            1,019,000
                                 Year Ended December 31, 2005                              851,000
                                 Year Ended December 31, 2006                              115,000
                                                                                   ----------------
                                                                                    $    3,020,000
                             ========================================================================
</TABLE>

4.      Related Party
        Transactions
                                    Other Receivables

                                    During the quarter ended March 31, 2003, the
                                    Partnership made a non-interest bearing
                                    advance to CCC, a related party to the
                                    Partnership, in the amount of approximately
                                    $124,000. This advance, as well as future
                                    advances, was and will be made at the
                                    discretion of the General Partner. CCC,
                                    through its indirect subsidiaries, including
                                    the General Partner of the Partnership,
                                    earns fees based on revenues and new lease
                                    purchases from this fund. CCC intends to
                                    repay, through acquisition and debt
                                    placement fees.
<PAGE>

5. Notes Payable                   Notes payable consisted of the following:
<TABLE>
<CAPTION>
                                                                                  March 31,        December 31,
                                                                                    2003                2002
                               ----------------------------------------------------------------------------------
                                         <S>                                         <C>                 <C>
                               Installment notes payable to banks; interest
                               ranging from 5.75% to 7.75%, due in monthly
                               installments ranging from $60 to $1,980,
                               including interest, with final payments due from
                               June through December 2004.                      $     100,550      $        -

                               Installment notes payable to banks; interest
                               ranging from 5.50% to 6.75%, due in monthly
                               installments ranging from $151 to $4,212,
                               including interest, with final payments due from
                               January through December 2005.                         576,202               -

                               Installment notes payable to banks; interest
                               ranging from 5.50% to 6.50%, due in monthly
                               installments ranging from $155 to $1,445,
                               including interest, with final payments due in
                               January 2006.                                           65,832               -
                                                                        ----------------------------------------
                                                                                $     742,584      $        -
                               ==================================================================================
</TABLE>

                                    These notes are secured by specific computer
                                    equipment and are nonrecourse liabilities of
                                    the Partnership. Aggregate maturities of
                                    notes payable for each of the periods
                                    subsequent to March 31, 2003 are as follows:
<TABLE>
<CAPTION>
                                                                                              Amount
                                                                                           ------------
                                             <S>                                                <C>
                                       Nine months ended December 31, 2003                 $    254,781
                                       Year ended December 31, 2004                             341,539
                                       Year ended December 31, 2005                             144,174
                                       Year ended December 31, 2006                               2,090
                                                                                           -------------
                                                                                           $    742,584
                                                                                           -------------
</TABLE>

6.      Supplemental               Other noncash activities included in the
        Cash Flow                  determination  of net  loss are as follows:
        Information

<PAGE>


Three months ended March 31,                                    2003
--------------------------------------------------------------------------

Lease income, net of interest expense on
     notes payable realized as a result of
     direct payment of principal by lessee to bank        $    73,420

           No interest or principal on notes payable was paid by the Partnership
           because direct payment was made by lessee to the bank in lieu of
           collection of lease income and payment of interest and principal by
           the Partnership.

             Noncash investing and financing activities include the following:

Three months ended March 31,                                     2003
---------------------------------------------------------------------------

Debt assumed in connection with purchase
     of computer equipment                                $     816,000
===========================================================================

Item 2: Management's Discussion and Analysis of Financial Condition and Results
        of Operations


CRITICAL ACCOUNTING POLICIES

Financial Reporting Release No. 60, which was released by the Securities and
Exchange Commission, requires all companies to include a discussion of critical
accounting policies or methods used in the preparation of financial statements.
Our significant accounting policies are described in Note 1 of the Notes to the
Financial Statements. The significant accounting policies that we believe are
the most critical to aid in fully understanding our reported financial results
include the following:

COMPUTER EQUIPMENT

Commonwealth Capital Corp, on behalf of the Partnership and other affiliated
partnerships, acquires computer equipment subject to associated debt obligations
and lease revenue and allocates a participation in the cost, debt and lease
revenue to the various partnerships based on certain risk factors.
The Partnership will acquire equipment with no associated debt obligations with
the original contributions. The Partnership plans on acquiring equipment leases
with associated debt obligations from the monthly rental payments associated
with the equipment acquired with its original capital contributions.

REVENUE RECOGNITION

Through March 31, 2003, the Partnership has only entered into operating leases.
Lease revenue is recognized on a monthly basis in accordance with the terms of
the operating lease agreements.


<PAGE>

The Partnership reviews a customer's credit history extending credit and
establishes provisions for uncollectible accounts based upon the credit risk of
specific customers, historical trends and other information.

LONG-LIVED ASSETS

The Partnership evaluates its long-lived assets when events or circumstances
indicate that the value of the asset may not be recoverable. The Partnership
determines whether an impairment exists by estimating the undiscounted cash
flows to be generated by each asset. If the estimated undiscounted cash flows
are less than the carrying value of the asset then an impairment exists. The
amount of the impairment is determined based on the difference between the
carrying value and the fair value. Fair value is determined based on estimated
discounted cash flows to be generated by the asset. Depreciation on computer
equipment for financial statement purposes is based on the straight-line method
over estimated useful lives of four years.

Liquidity and Capital Resources

The Partnership's primary source of capital for the period ended March 31, 2003
was contributions of approximately $2,102,000. The primary uses of cash for the
three months ended March 31, 2003 were for capital expenditures of new equipment
totaling $170,000, offering costs of approximately $232,000, payment of an
advance made by the Partnership to CCC, a related party to the Partnership, of
approximately $124,000 and payments of preferred distributions to partners of
approximately $105,000.


For the three month period ended March 31, 2003, the Partnership used cash flows
from operating activities of $20,000, which includes a net loss of $210,000,
depreciation and amortization expenses of $197,000. Other noncash activities
included in the determination of net income include direct payments of lease
income by lessees to banks of $73,000.

Cash is invested in money market accounts that invest directly in treasury
obligations pending the Partnership's use of such funds to purchase additional
computer equipment, to pay Partnership expenses or to make distributions to the
Partners. At March 31, 2003, the Partnership had approximately $1,464,000
invested in these money market accounts.

The Partnership's investment strategy of acquiring computer equipment and
generally leasing it under "triple-net leases" to operators who generally meet
specified financial standards minimizes the Partnership's operating expenses. As
of March 31, 2003, the Partnership had future minimum rentals on non-cancelable
operating leases of $1,035,000 for the balance of the year ending December 31,
2003 and $1,985,000 thereafter. At March 31, 2003, the outstanding debt was
$743,000, with interest rates ranging from 5.50% to 7.75%, and will be payable
through January 2006.


At March 31, 2003, the Partnership has a receivable from CCC, a related party to
the Partnership, in the amount of approximately $124,000. CCC, thru its indirect
subsidiaries, including the General Partner of the Partnership, earns fees based
on revenues and new lease purchases from this fund and other funds. This is a
non-interest bearing receivable. CCC intends to repay, through acquisition and
debt placement fees.


<PAGE>

The Partnership's cash from operations is expected to continue to be adequate to
cover all operating expenses, liabilities, and preferred distributions to
Partners during the next 12-month period. If available Cash Flow or Net
Disposition Proceeds are insufficient to cover the Partnership expenses and
liabilities on a short and long term basis, the Partnership will attempt to
obtain additional funds by disposing of or refinancing Equipment, or by
borrowing within its permissible limits. The Partnership may, from time to time,
reduce the distributions to its Partners if it deems necessary. Since the
Partnership's leases are on a "triple-net" basis, no reserve for maintenance and
repairs are deemed necessary.

The Partnership's share of the computer equipment in which they participate at
March 31, 2003 was approximately $8,000, which is included in the Partnership's
fixed assets on their balance sheet, and the total cost of the equipment shared
by the Partnership with other partnerships at March 31, 2003 was approximately
$48,000. The Partnership did not participate in shared equipment as of December
31, 2002.

Results of Operations

                       Three Months Ended March 31, 2003
                       ---------------------------------

For the period ended March 31, 2003, the Partnership recognized income of
$272,000 and expenses of $482,000, resulting in a net loss of $210,000.


Lease income was approximately $270,000 for the quarter ended March 31, 2003.
The Partnership has entered into approximately 75 leases through the period
ended March 31, 2003

Operating expenses of approximately $238,000, excluding depreciation, primarily
consist of professional fees of approximately $33,000, outside service fees of
approximately $11,000 and reimbursement of expenses to CCC for administration
and operation of the Partnership of approximately $51,000.

Organizational costs were approximately $22,000 for the period ended March 31,
2003.

The equipment management fee is approximately 5% of the gross lease revenue
attributable to equipment that is subject to operating leases. The equipment
management fee is approximately $14,000 for the period ended March 31, 2003.

Depreciation and amortization expenses consist of depreciation on computer
equipment and amortization of equipment acquisition fees. The expenses totaled
approximately $197,000 for the period ended March 31, 2003.

                        RECENT ACCOUNTING PRONOUNCEMENTS

                             Interpretation No. 46

In January 2003, FASB issued Interpretation No. 46, "Consolidation of Variable
Interest Entities" ("Interpretation No. 46"), which clarifies the application of
Accounting Research Bulletin No. 51, "Consolidated Financial Statements," to
certain entities in which equity investors do not have the characteristics of a
controlling financial interest or do not have sufficient equity at risk for the
entity to finance its activities without additional subordinated financial
support from the other parties. Interpretation No. 46 is applicable immediately
for variable interest entities created after January 31, 2003. For variable
interest entities created prior to January 31, 2003, the provisions of
Interpretation No. 46 are applicable no later than July 1, 2003. The Partnership
does not expect Interpretation No. 46 to have an effect on the financial
statements.
<PAGE>

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Inapplicable

Item 4. Controls and Procedures

The Chief Executive Officer and a Financial Officer of the Partnership have
conducted a review of the Partnership's disclosure controls and procedures as of
March 31, 2003.

The Partnership's disclosure controls and procedures include the Partnership's
controls and other procedures designed to ensure that information required to be
disclosed in this and other reports filed under the Securities Exchange Act of
1934, as amended (the " Exchange Act") is accumulated and communicated to the
Partnership's management, including its chief executive officer and a financial
officer, to allow timely decisions regarding required disclosure and to ensure
that such information is recorded, processed, summarized and reported with the
required time periods.

Based upon this review, the Partnership's Chief Executive Officer and a
Financial Officer have concluded that the Partnership's disclosure controls (as
defined in pursuant to Rule 13a-14 c promulgated under the Exchange Act) are
sufficiently effective to ensure that the information required to be disclosed
by the Partnership in the reports it files under the Exchange Act is recorded,
processed, summarized and reported with adequate timeliness.

Part II: OTHER INFORMATION

                      Commonwealth Income & Growth Fund IV

     Item 1. Legal Proceedings.

         Inapplicable

     Item 2. Changes in Securities.


         Inapplicable

     Item 3. Defaults Upon Senior Securities.


         Inapplicable

     Item 4. Submission of Matters to a Vote of Securities Holders.

         Inapplicable


     Item 5. Other Information.

         Inapplicable

     Item 6. Exhibits and Reports on Form 8-K.

         a) Exhibits:

            99.1 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

            99.2 SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

<PAGE>

                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                             COMMONWEALTH INCOME & GROWTH
                             FUND IV
                                   BY: COMMONWEALTH INCOME &
                                   GROWTH FUND, INC. General Partner


May 15, 2003                 By: George S. Springsteen
------------                     ----------------------
Date                             George S. Springsteen
                                 President

<PAGE>

                                 Certifications

I, George Springsteen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commonwealth Income &
Growth Fund IV, (the Registrant);

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Registrant as of, and for, the periods presented in this quarterly report;

4. The Registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:


         a) designed such disclosure controls and procedures to ensure the
         material information relating to the Registrant, including its
         consolidated subsidiaries, is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

         b) evaluated the effectiveness of the Registrant's disclosure controls
         and procedures as of a date within 90 days prior to the filing date of
         this quarterly report (the "Evaluation Date"); and

         c) presented in this quarterly report our conclusions about the
         effectiveness of the disclosure controls and the procedures based on
         our evaluation as of the Evaluation Date;


5. The Registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the Registrant's auditors and the audit committee of
the Registrant's board of directors (or persons performing the equivalent
function):

         a) all significant deficiencies in the design or the operation of
         internal controls which could adversely affect the Registrant's ability
         to record, process, summarize and report financial data we have
         identified for the Registrant's auditors any material weakness in
         internal controls; and

         b) any fraud, whether or not material, that involves management or
         other employees who have a significant role in the Registrant's
         internal controls; and

6. The Registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

George S. Springsteen
----------------------
George S. Springsteen
Chief Executive Officer
May 15, 2003
<PAGE>




I, Kimberly A. Springsteen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commonwealth Income &
Growth Fund IV, (the Registrant);

2. Based on my knowledge, this quarterly report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this quarterly
report;

3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
Registrant as of, and for, the periods presented in this quarterly report;

4. The Registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the Registrant and we have:


         a) designed such disclosure controls and procedures to ensure the
         material information relating to the Registrant, including its
         consolidated subsidiaries, is made known to us by others within those
         entities, particularly during the period in which this quarterly report
         is being prepared;

         b) evaluated the effectiveness of the Registrant's disclosure controls
         and procedures as of a date within 90 days prior to the filing date of
         this quarterly report (the "Evaluation Date"); and

         c) presented in this quarterly report our conclusions about the
         effectiveness of the disclosure controls and the procedures based on
         our evaluation as of the Evaluation Date;


5. The Registrant's other certifying officers and I have disclosed, based on our
most recent evaluation, to the Registrant's auditors and the audit committee of
the Registrant's board of directors (or persons performing the equivalent
function):

         a) all significant deficiencies in the design or the operation of
         internal controls which could adversely affect the Registrant's ability
         to record, process, summarize and report financial data we have
         identified for the Registrant's auditors any material weakness in
         internal controls; and

         b) any fraud, whether or not material, that involves management or
         other employees who have a significant role in the Registrant's
         internal controls; and

6. The Registrant's other certifying officers and I have indicated in this
quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Kimberly A. Springsteen
------------------------
Kimberly A. Springsteen
Principal Financial Officer
May 15, 2003