Question

Should the 2nd stimulus payment be considered in tax return for 2020 if it was received in

One stimulus payment was received in 2020 and the other in 2021. Should they both be recorded on 2020 tax return?

Yes, they should both be recorded as stimulus payments on your 2020 tax return. This is the reconciliation year for the payments you received.

The amount received in 2021 is the second stimulus payment.

In TurboTax Online once your return is open, select Wages & Income (to enter the tax return).
Select Federal Review at the top of the page > Continue to answer the questions for Let's make sure you got the right stimulus amount
TurboTax will then include any stimulus amount due on your 1040 form - either added to your refund or reduce the amount due.
See the image below.