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You can also write it like this:
while read i
do
if id $i >/dev/null 2>&1
then
echo "ID $i exists"
else
echo "$i Does not exist"
fi
done < list

Some changes.
Redirect both STDOUT (1) and STDERR (2).
Change the "for" into a "while" because "for" can break with a large number of arguments.
Save the value of $? immediately after executing...