An RF transceiver integrated circuit has a novel segmented, low parasitic capacitance, internal loopback conductor usable for conducting IP2 self testing and/or calibration. In a first novel aspect, the transmit mixer of the transceiver is a current mode output mixer. The receive mixer is a passive mixer that has a low input impedance. In the loopback mode, the transmit mixer drives a two tone current signal to the passive mixer via the loopback conductor. In a second novel aspect, only one quadrature branch of the transmit mixer is used to generate both tones required for carrying out an IP2 test. In a third novel aspect, a first calibration test is performed using one quadrature branch of the transmit mixer at the same time that a second calibration test is performed using the other quadrature branch, thereby reducing loopback test time and power consumption.