In this work the dynamics of a 2D Dirac oscillator in the spacetime of a magnetic cosmic string is considered. It is shown that earlier approaches to this problem have neglected a δ function contribution to the full Hamiltonian, which comes from the Zeeman interaction. The inclusion of spin effects leads to results which confirm a modified dynamics. Based on the self-adjoint extension method, we determined the most relevant physical quantities, such as energy spectrum, wave functions and the self-adjoint extension parameter by applying boundary conditions allowed by the system.