We study the influence of magnetic fields on the axial gravitational waves emitted during the collapse of a homogeneous dust sphere. We found that while the energy emitted depends weakly on the initial matter perturbations it has strong dependence on the strength and the distribution of the magnetic field perturbations. The gravitational wave output of such a collapse can be up to an order of magnitude larger or smaller calling for detailed numerical 3D studies of collapsing magnetized configurations.