Poly(amido amine) (PAMAM) dendrimers are promising nanocarriers in a wide range of biomedical applications including gene and drug delivery and as imaging agents. They have unique structural properties and are characterized by high size uniformity, low polydispersity, and a large number of modifiable surface groups. Drug-dendrimer systems are usually further modified through the conjugation of ligands in order to confer the carriers' specific characteristics designed to enhance their efficacy. The chemistry and structure of the solvated ligand-conjugated dendrimer nanocarriers (DNCs) will dictate how they interact with the physiological environment and, therefore, their fate and function. Understanding the microstructures of ligand-conjugated DNCs is, therefore, of great relevance within the context of drug delivery applications. In this work, we investigate the effect of poly(ethylene glycol) (PEG) on the microstructure of solvated, NH2-terminated PAMAM DNCs using fully atomistic molecular dynamics simulations. Several variables including dendrimer generation (2-5), PEGylation density (0-50%), and PEG Mw (500 and 1000) were investigated. The results obtained showed a good match with available experimental results, including size as a function of dendrimer degeneration (G2NH2-G5NH2). No back-folding is observed for PAMAM dendrimers with generation lower than G5NH2. G2NH2 and G3NH2 showed a dense-packed, nonglobular structure, and G4NH2 and G5NH2 have a segmented, "open" structure. Our results help settle a long-standing debate with respect to "back-folding" as the microstructural information obtained here is reconciled with experimental results. PEGylation was found to influence the microstructure in a different way, including an expected increase in the overall size of the DNCs, while not affecting much the solvation of unmodified terminal (primary) amines. It also serves to expand the core of dendrimers, reduce the surface charge, and change solvation behavior of different generation branching amines. We show that the microstructure of a PEG layer with the same number of repeat units can be significantly altered by changing the grafting density and size of PEG. Potential consequences in the design of PEGylated dendrimers for drug delivery and targeting are discussed based on the obtained microstructural information.