Tincture of iodine is traditionally a solution of elemental iodine (I₂) and an iodide salt (like potassium iodide, KI) dissolved in alcohol (ethanol) and often with some water. The iodide salt helps to increase the solubility of iodine in the solvent. Acetone is a different solvent (a ketone) and is not a standard component of traditional tincture of iodine. While acetone can be used as a solvent in some antiseptic preparations or for cleaning wounds, it is not typically part of the 'tincture of iodine' formulation used as an antiseptic.