A receiver with a balanced I/Q transformer is described. In an exemplary design, the receiver includes an LNA that amplifies a received RF signal and provides a single-ended RF signal to the balanced I/Q transformer. The balanced I/Q transformer includes at least one primary coil and first and second secondary coils. The first secondary coil is magnetically coupled to the at least one primary coil and provides a first differential RF signal to a first mixer. The second secondary coil is magnetically coupled to the at least one primary coil and provides a second differential RF signal to a second mixer. The first and second mixers downconvert the first and second differential RF signals with I and Q LO signals, respectively, and provide differential I and Q downconverted signals. The primary and secondary coils may be fabricated on two conductive layers of an integrated circuit.