Update to 2016
Answered
So when I check for updates, I get the message:
Update Info: You already have the latest version of IntelliJ IDEA installed.
How is that possible when I'm running 12.1.4?
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Most likely, IDE can't download https://www.jetbrains.com/updates/updates.xml file because of the proxy/firewall or you have said to ignore the suggested update before.
You can update to the latest 12.1.x version from http://confluence.jetbrains.com/display/IntelliJIDEA/Previous+IntelliJ+IDEA+Releases or to the latest current version from http://www.jetbrains.com/idea/download/index.html.