Magnetic structures including magnetic inductors and magnetic tunnel junction (MTJ)-containing structures that have tapered sidewalls are formed without using an ion beam etch (IBE). The magnetic structures are formed by providing a material stack of a dielectric capping layer and a sacrificial dielectric material layer above a lower interconnect level. First and second etching steps are performed to pattern the sacrificial dielectric material layer and the dielectric capping layer such that a patterned dielectric capping layer is provided with a tapered sidewall. After removing the sacrificial dielectric material layer, a magnetic material-containing stack is formed within the opening in the patterned dielectric capping layer and atop the patterned dielectric capping layer. A planarization process is then employed to pattern the magnetic-containing stack by removing the magnetic material-containing stack that is located atop the patterned dielectric capping layer.