Taylor Swift, whose eight Grammy nominations are second only to Beyoncé's 10, will be a performer and presenter at 52nd Grammy Awards in Los Angeles on Jan. 31, an inside source tells PEOPLE.  

The 20-year-old practically stole the show at the Grammys last February by performing a duet with Miley Cyrus of the song "Fifteen," featured on Taylor's album Fearless. That album has since gone five times platinum, picked up a slew of industry awards, and is nominated for Album of the Year and Best Country Album at the upcoming Grammys.