We propose a generalization of the upgraded Karl-Sehgal formula which relates baryon magnetic moments to the spin structure of constituent quarks, by adding anomalous magnetic moments of quarks. We first argue that the relativistic nature of quarks inside baryons requires the introduction of two kinds of magnetisms, one axial and the other tensorial. The first one is associated with integrated quark helicity distributions ${\ensuremath{\Delta}}_{i}\ensuremath{-}{\ensuremath{\Delta}}_{\overline{i}}$ (standard) and the second with integrated transversity distributions ${\ensuremath{\delta}}_{i}\ensuremath{-}{\ensuremath{\delta}}_{\overline{i}}$. The weight of each contribution is controlled by the combination of two parameters, ${x}_{i}$ the ratio of the quark mass to the average kinetic energy and ${a}_{i}$ the quark anomalous magnetic moment. The quark anomalous magnetic moment is correlated to transversity, and both are necessary ingredients in describing relativistic quarks. The proposed formula, when confronted with baryon magnetic moments data with reasonable inputs, yields, besides quark magnetic densities, anomalous magnetic moments large enough not to be ignored.