An inductor may include a magnetic material that may include .alpha.''-Fe.sub.16(N.sub.xZ.sub.1-x).sub.2 or .alpha.'-Fe.sub.8(N.sub.xZ.sub.1-x), or a mixture of at least one of .alpha.''-Fe.sub.16N.sub.2 or .alpha.'-Fe.sub.8N and at least one of .alpha.''-Fe.sub.16Z.sub.2 or .alpha.'-Fe.sub.8Z, where Z includes at least one of C, B, or O, and x is a number greater than zero and less than one. In some examples, the magnetic material may include a relatively high magnetic saturation, such as greater than about 200 emu/gram, greater than about 242 emu/gram, or greater than about 250 emu/gram. In addition, in some examples, the magnetic material may include a relatively low coercivity or magnetocrystalline anisotropy. Techniques for forming the inductor including the magnetic material are also described.