diff --git a/python/testData/formatter/alignDictLiteralOnColon.py b/python/testData/formatter/alignDictLiteralOnColon.py
new file mode 100644
index 000000000000..ec4809b888d3
--- /dev/null
+++ b/python/testData/formatter/alignDictLiteralOnColon.py
@@ -0,0 +1,7 @@
+{
+  "a": 1,
+  "bbb": [
+    2
+  ],
+  "bbbbb": 3
+}
\ No newline at end of file
diff --git a/python/testData/formatter/alignDictLiteralOnColon_after.py b/python/testData/formatter/alignDictLiteralOnColon_after.py
new file mode 100644
index 000000000000..663d95a84b7c
--- /dev/null
+++ b/python/testData/formatter/alignDictLiteralOnColon_after.py
@@ -0,0 +1,7 @@
+{
+    "a"    : 1,
+    "bbb"  : [
+        2
+    ],
+    "bbbbb": 3
+}
diff --git a/python/testData/formatter/alignDictLiteralOnValue.py b/python/testData/formatter/alignDictLiteralOnValue.py
new file mode 100644
index 000000000000..afe69120050c
--- /dev/null
+++ b/python/testData/formatter/alignDictLiteralOnValue.py
@@ -0,0 +1,7 @@
+{
+    "a": 1,
+    "bbb": [
+        2
+    ],
+    "bbbbb": 3
+}
diff --git a/python/testData/formatter/alignDictLiteralOnValue_after.py b/python/testData/formatter/alignDictLiteralOnValue_after.py
new file mode 100644
index 000000000000..c333ffcc903f
--- /dev/null
+++ b/python/testData/formatter/alignDictLiteralOnValue_after.py
@@ -0,0 +1,7 @@
+{
+    "a":   1,
+    "bbb": [
+        2
+    ],
+    "bbbbb": 3
+}
diff --git a/python/testSrc/com/jetbrains/python/PyFormatterTest.java b/python/testSrc/com/jetbrains/python/PyFormatterTest.java
index 02c62a2113c2..35a3283e6c80 100644
--- a/python/testSrc/com/jetbrains/python/PyFormatterTest.java
+++ b/python/testSrc/com/jetbrains/python/PyFormatterTest.java
@@ -567,6 +567,18 @@ public class PyFormatterTest extends PyTestCase {
     doTest();
   }
 
+  // PY-14962
+  public void testAlignDictLiteralOnValue() {
+    getCustomSettings().DICT_ALIGNMENT = PyCodeStyleSettings.DICT_ALIGNMENT_ON_VALUE;
+    doTest();
+  }
+
+  // PY-14962
+  public void testAlignDictLiteralOnColon() {
+    getCustomSettings().DICT_ALIGNMENT = PyCodeStyleSettings.DICT_ALIGNMENT_ON_COLON;
+    doTest();
+  }
+
   // PY-15530
   public void testAlignmentInArgumentListWhereFirstArgumentIsEmptyCall() {
     doTest();