We investigate a two-dimensional motion of a colloid in a harmonic trap driven out of equilibrium by an external nonconservative force producing a torque in the presence of a uniform magnetic field applied perpendicular to the plane of motion. We find a circulating steady-state current diagnostic to nonequilibrium. Unlikely in the overdamped limit, inertial motion requires a sufficient central force to reach steady state. The magnetic field can enhance or depress central force depending on its direction. We find that steady state exists only for a proper range of parameters such as mass, viscosity coefficient, stiffness of the harmonic potential, and the magnetic field. We rigorously derive the existence condition for the steady state. We examine the combined influence of nonconservative force and magnetic field on nonequilibrium characteristics. We find non-Boltzmann steady-state probability density function and circulating probability current. We show that nonnegative entropy production is composed of usual heat dissipation and unconventional contribution from velocity-dependence of the Lorentz force. We derive the full list of correlation functions, including position-velocity correlation function originated from nonequilibrium circulation. We finally give rigorous expression for the violation of fluctuation-dissipation relation. We verify our analytical results by using the Monte Carlo simulation.