Advantage of Medicare Advantage for Minorities and Low-Income Seniors Act of 2014 - Directs the Comptroller General (GAO) to study: (1) enrollment by racial and ethnic minorities and low-income seniors in the Medicare Advantage (MA) program under Medicare part C (Medicare+Choice) of title XVIII of the Social Security Act; and (2) the projected impact of payment reductions to such MA program, including reductions resulting from the Patient Protection and Affordable Care Act and from administrative actions.