Magnetic micromanipulation using magnetic tweezers is a versatile biophysical technique and has been used for single-molecule unfolding, rheology measurements, and studies of force-regulated processes in living cells. This article describes an inexpensive magnetic tweezer setup for the application of precisely controlled forces up to 100 nN onto 5 microm magnetic beads. High precision of the force is achieved by a parametric force calibration method together with a real-time control of the magnetic tweezer position and current. High forces are achieved by bead-magnet distances of only a few micrometers. Applying such high forces can be used to characterize the local viscoelasticity of soft materials in the nonlinear regime, or to study force-regulated processes and mechanochemical signal transduction in living cells. The setup can be easily adapted to any inverted microscope.