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Also asked, can I cut the top off my magnolia tree?
What Ron B is saying is that you can't top a Magnolia without causing damage! Magnolias are not trees that take pruning well. The tend to look really ugly after a major pruning and the rapid regrowth branch structure is just as unsightly and is weakly attached to the tree (not good in ice storms).
Then, can you shape a magnolia tree?
A magnolia can and should be pruned under three different circumstances: When the tree is planted, weak limbs and those that hinder the shape of the tree should be removed, and overly long branches should be shortened to establish a good shape to the tree as it begins growing.
Deciduous magnolias should be pruned between midsummer and early fall. Over pruning, even on a young tree, can cause stress.