I would like to have users input a date in one field and then have a calculated result of elapsed time from that date to today and show the results another field in months and years. How is this done?
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You can create a rule in Automation.
https://www.atlassian.com/software/jira/automation-template-library#/labels/all/customLabelId/1453
https://support.atlassian.com/jira-software-cloud/docs/create-and-edit-rules/
You can try by yourself and let us know if you need more insight or help to achieve this.
As suggested by @Mohamed Benziane using an automation rule and a custom field to store the result will meet your request, and it will take a few seconds (at least) to process and require you to refresh the page view.
If you were thinking of something faster for a calculated field, you may need an add-on product from the marketplace.
Best regards,
Bill
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