Formula for IF statement with Linked Accounts

I want to find a way to automatically mark a record as “Used” if it is linked to another table.

Is there a formula for an IF statement for “IF a field has information in it (if it’s NOT empty), add “Used””

Right now I have the following, but I’m receiving an invalid formula error message:
IF({field}, “USED”

Thanks in advance!

Your formula should look like this:

IF({field}, "USED")

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Thank you! This worked great!

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