I make a tincture from turmeric. Most of the benefical compounds in turmeric are not water soluable, so for me, alcohol tincture is the way to go.
However, a tinture is even stronger than powdered turmeric. I use about 1/2 teaspoon in a 10 ounce glass of water. I have found turmeric to be extremely useful for many stomach maladies. Turmeric is a much potent relative of it's cousin, ginger.