No, ALM 12.20 is not certified with SQL Server 2014

Here is a link to the current technical specifications for ALM 12.20:
https://hpln.hp.com/page/alm-qc-enterprise-technical-specifications

Scroll down to the Databases supported and you will find the following:

Databases Requires Patch Notes

Oracle 11.2.0.3
Oracle 11.2.0.4
Oracle 12.1.0.1

Microsoft SQL Server 2008 R2 SP2
Microsoft SQL Server 2012 SP1
Microsoft SQL Server 2012 SP2 ALM 12.20 Patch 01

NOTE:
All database servers, unless otherwise stated, have been validated on 64 bit configurations

HP ALM is certified to work with Enterprise and Standard editions of Microsoft and Oracle databases
HP ALM/QC is certified to work with Transparent Data Encryption (TDE) for Microsoft and Oracle databases. Implementation of TDE does have an impact on system performance. For details contact the database vendor that provides the encryption