March 04, 2018 07:29 PM

Allison Janney is a little overwhelmed to find herself at the Academy Awards this year.

Janney, who’s considered a favorite to nab the award for best supporting actress for her role as U.S. figure skater Tonya Harding’s estranged mother LaVona Golden in the film I, Tonya, explained during an interview on the PEOPLE and Entertainment Weekly Red Carpet Live pre-show that being at the awards show is “a little overwhelming.”

“I have watched these awards — the Oscars — for the past 40 years on couches with friends — and sweatpants,” she explains.

“And [being] here for the first time, with my friend Steven Rogers who wrote this role for me, it’s kind of a dream come true,” she adds.

Be sure to check out PEOPLE’s full Academy Awards coverage to get the latest news on Hollywood’s big night.

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She also mentioned that there’s one thing about the Academy Awards she’s not a fan of — acceptance speeches.

“It’s almost impossible what they tell you. You go to the nominees luncheon, they say you have 45 seconds from the time your name is called to go up on stage and thank people. I defy anyone to do that and to thank all the people you want to thank. It’s almost impossible,” she says.

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“If I’m lucky enough to get up there, I have things I want to say and I hope I get them out in the right order,” she continues, adding that the idea of having to do it is “something that makes me incredibly nervous.”

RELATED: Oscars Prep! How All of Hollywood’s Biggest Stars are Getting Ready for the Academy Awards

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The 58-year-old actress previously told PEOPLE that she won’t be attending the Oscars without her good luck charm, which was given to her by I, Tonya screenwriter/Oscars date Rogers.

“I’ve known him a long time,” she said. “Whenever I was doing a performance he would always say, to me ‘sparkle peanut’ and years ago he gave me a tiny, silver peanut. So I’m gonna have that in my purse.”

Apparently the peanut seems to be working. Janney, 58, already won a Golden Globe and SAG Award for the role.

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The 90th Oscars will be held on Sunday, March 4, 2018, at the Dolby Theatre at Hollywood & Highland Center in Hollywood, and will be broadcast live on the ABC Television Network at 8 p.m. ET/5 p.m. PT.

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