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added 36 characters in body
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LZ_MSFT
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The calculated column formula as below.

=If=IF(ISBLANK([Expiration Date]), "", If([Expiration Date]<=Now()+1,"Expired","Valid"))

enter image description here

The calculated column formula as below.

=If([Expiration Date]<=Now()+1,"Expired","Valid")

enter image description here

The calculated column formula as below.

=IF(ISBLANK([Expiration Date]), "", If([Expiration Date]<=Now()+1,"Expired","Valid"))

enter image description here

Source Link
LZ_MSFT
  • 6.2k
  • 1
  • 8
  • 7

The calculated column formula as below.

=If([Expiration Date]<=Now()+1,"Expired","Valid")

enter image description here