,IIf([Days Overdue] Between 731 And 1094,"2 to 3 Years
”, IIf([Days Overdue] Between 1095 And 1459,"2 to 3 Years
”, IIf([Days Overdue] Between 1460 And 1825,"4 to 5 Years",
The problem is that the 2 closing double quotes (in red above) is not a standard double quote. If you delete the double quote, then retype the double quote, it should work.... at least it did for me. 
Also the text is wrong for the "Between 1095 And 1459" comparison.
Look at this
Code:
Delinquency Category:
IIf([Days Overdue]<90,"Current",
IIf([Days Overdue] Between 90 And 179,"3 to 6 Months",
IIf([Days Overdue] Between 180 And 364,"6 to 12 Months",
IIf([Days Overdue] Between 365 And 730,"1 to 2 Years",
IIf([Days Overdue] Between 731 And 1094,"2 to 3 Years”, << -- fix the double quotes (in red)
IIf([Days Overdue] Between 1095 And 1459,"2 to 3 Years”, << --should be "3 to 4 Years" /fix the double quotes (in red)
IIf([Days Overdue] Between 1460 And 1825,"4 to 5 Years", "5 Years or More"))))))) <<- should be 7 closing parns
NOTE: Should never use spaces in object names....
If you decide to go the way ranman suggested, the function would be
Code:
Function getOverDueMsg(pvDays As Long) As String
Select Case True
Case pvDays < 90
getOverDueMsg = "Current"
Case pvDays >= 90 And pvDays < 179
getOverDueMsg = "3 to 6 Months"
Case pvDays >= 180 And pvDays < 364
getOverDueMsg = "6 to 12 Months"
Case pvDays >= 365 And pvDays < 730
getOverDueMsg = "1 to 2 Years"
Case pvDays >= 731 And pvDays < 1094
getOverDueMsg = "2 to 3 Years"
Case pvDays >= 1095 And pvDays < 1459
getOverDueMsg = "3 to 4 Years"
Case pvDays >= 1460 And pvDays < 1825
getOverDueMsg = "4 to 5 Years"
Case pvDays >= 1826
getOverDueMsg = "5 Years or More"
End Select
End Function
To use it in a query:
Code:
DelinquencyCategory: getOverDueMsg([Days Overdue])