each is should report half the money received.. note that TT hasn't updated for the 2nd stimulus check, so when it asked how much received, that should be for the 1st payment only.. Once the software updates, there will be opportunity to enter the 2nd payment.
if you lump the 2 payments together you risk getting the incorrect result.
while I understand the strategy to file separately due to student loans, suggest running your taxes both ways before filing (joint vs. separate) because the tax credits you lose for the children MAY offset the reduced loan repayment benefits you gain given the student loan debt.
