Expiration Date on Membership Database

Hello,

I’m working on a membership database for a non-profit. I would like to have a column that denotes if the account is Active (meaning paid membership within the last year) or Expired (not paid within the last year). I have an expiration date column already in the table, but am having trouble creating a formula that works. I know it’s something like "If expiration date is before today, “expired” is after, “active”. However I cannot get any of my attempts at formulas to work.Thoughts?

Try:

IF(
   {Expiration Date} < TODAY(),
   "Expired",
   "Active"
)

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